EX-12 2 exhibit12083118.htm EXHIBIT 12 Exhibit


Exhibit 12
JEFFERIES GROUP LLC
Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(Dollar amounts in thousands)
 
 
Successor
 
 
Predecessor
 
Nine Months
Ended
August 31,
2018
 
Year Ended November 30, 2017
 
Year Ended November 30, 2016
 
Year Ended November 30, 2015
 
Year Ended November 30, 2014
 
Nine Months
 Ended November 30,
 2013
 
 
Three Months Ended February 28, 2013
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on long-term indebtedness
$
238,077

 
$
278,670

 
$
235,024

 
$
250,101

 
$
250,424

 
$
184,954

 
 
$
79,918

Interest portion of rent expense
13,121

 
17,264

 
18,704

 
19,136

 
19,130

 
14,400

 
 
4,024

Total fixed charges
$
251,198

 
$
295,934

 
$
253,728

 
$
269,237

 
$
269,554

  
$
199,354

  
 
$
83,942

Convertible Preferred Stock Dividends
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
$
1,016

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
331,704

 
$
504,924

 
$
29,972

 
$
114,227

 
$
303,021

 
$
264,295

 
 
$
139,487

Total fixed charges
251,198

 
295,934

 
253,728

 
269,237

 
269,554

 
199,354

 
 
83,942

Total earnings before income taxes and fixed charges
$
582,902

 
$
800,858

 
$
283,700

 
$
383,464

 
$
572,575

 
$
463,649

 
 
$
223,429

Ratio of Earnings to Fixed Charges (1)
2.3
x
 
2.7
x
 
1.1
x
 
1.4
x
 
2.1
x
 
2.3
x
 
 
2.7
x
Ratio of Earnings to Combined Fixed Charges and Convertible Preferred Stock Dividends (2)
2.3
x
 
2.7
x
 
1.1
x
 
1.4
x
 
2.1
x
 
2.3
x
 
 
2.6
x
(1)
The ratio of earnings to fixed charges is computed by dividing (a) income from continuing operations before income taxes plus fixed charges by (b) fixed charges. Fixed charges consist of interest expense on all long-term indebtedness and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals).
(2)
The ratio of earnings to combined fixed charges and preferred dividends is computed by dividing (a) income from continuing operations before income taxes plus fixed charges by the sum of (b) fixed charges and (c) convertible preferred stock dividends. Fixed charges consist of interest expense on all long-term indebtedness and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals).