EX-12.1 2 cownex12110k2015.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
Cowen Group, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges

 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings
(dollars in thousands)
Pre-tax income from continuing operations
$
11,479

 
$
57,836

 
$
18,297

 
$
(23,509
)
 
$
(98,610
)
Less income (or plus loss) from equity investees
(473
)
 
(49,053
)
 
(16,100
)
 
(15,600
)
 
(5,400
)
Plus: fixed charges
26,475

 
17,150

 
6,248

 
8,027

 
10,590

Plus: amortization of capitalized interest
—

 
—

 
—

 
—

 
—

Plus: distributed income of equity investees
45,860

 
20,292

 
19,475

 
8,053

 
3,775

Plus: share of pre-tax losses of equity investees for which
charges arising from guarantees are included in fixed charges
—

 
—

 
—

 
—

 
—

Less: interest capitalized and preference security dividend
requirements of consolidated subsidiaries
—

 
—

 
—

 
—

 
—

Less: non-controlling interest in the pre-tax income of
subsidiaries that have not incurred fixed charges
(15,246
)
 
(15,564
)
 
(13,193
)
 
(72
)
 
5,827

Total earnings
68,095

 
30,661

 
14,727

 
(23,101
)
 
(83,818
)
Amortization of discount
6,302

 
4,685

 
—

 
—

 
—

Interest expense on debt
9,703

 
4,772

 
—

 
—

 
—

Other interest expense
10,470

 
7,693

 
6,248

 
8,027

 
10,590

Fixed charges
$
26,475

 
$
17,150

 
$
6,248

 
$
8,027

 
$
10,590

Ratio of earnings to fixed charges
2.57

 
1.79

 
2.36

 
(2.88
)
 
(7.91
)
Preferred dividends
$
4,075

 
$
—

 
$
—

 
$
—

 
$
—

Ratio of earnings to preferred dividends
16.71

 
—

 
—

 
—

 
—

Fixed charges and preferred dividends
$
30,550

 
$
—

 
$
—

 
$
—

 
$
—

Ratio of earnings to fixed charges and preferred dividends
2.23

 
—

 
—

 
—

 
—


For the years ended December 31, 2012 and 2011, we had earnings-to-fixed charges deficiencies of approximately $23,101,000 and $83,818,000, respectively.