EXHIBIT 12.1



Ladenburg Thalmann Financial Services Inc.
Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
(unaudited)

 
 
Three Months Ended 
 March 31,
 
Year Ended December 31,
 
 
 
2017
 
2016
2015
 
2014
 
2013
 
2012
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income before income taxes
 
$
(4,518
)
 
$
(12,286
)
$
(11,695
)
 
$
10,006

 
$
2,404

 
$
(14,892
)
 
Add: Fixed charges
 
1,274

 
7,486

8,435

 
9,337

 
17,534

 
26,741

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income before income taxes and fixed charges
 
$
(3,244
)
 
$
(4,800
)
$
(3,260
)
 
$
19,343

 
$
19,938

 
$
11,849

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
477

 
$
4,262

$
5,169

 
$
6,990

 
$
15,438

 
$
24,541

 
Interest factor in rents (1)
 
797

 
3,224

3,266

 
2,347

 
2,096

 
2,200

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
1,274

 
$
7,486

$
8,435

 
$
9,337

 
$
17,534

 
$
26,741

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
 *

 
 *

*

 
2.1

 
1.1

 
 *

 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Deficiency of earnings available to cover fixed charges
 
$
(4,518
)
 
$
(12,286
)
$
(11,695
)
 
$
—

 
$
—

 
$
(14,892
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income before income taxes
 
$
(4,518
)
 
$
(12,286
)
$
(11,695
)
 
$
10,006

 
$
2,404

 
$
(14,892
)
 
Add: Fixed charges
 
1,274

 
7,486

8,435

 
9,337

 
17,534

 
26,741

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income before income taxes and combined fixed charges and preferred stock dividends
 
$
(3,244
)
 
$
(4,800
)
$
(3,260
)
 
$
19,343

 
$
19,938

 
$
11,849

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
477

 
$
4,262

$
5,169

 
$
6,990

 
$
15,438

 
$
24,541

 
Interest factor in rents (1)
 
797

 
3,224

3,266

 
2,347

 
2,096

 
2,200

 
Preferred stock dividends (2)
 
13,207

 
50,730

46,847

 
28,740

 
11,518

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred stock dividends
 
$
14,481

 
$
58,216

$
55,282

 
$
38,077

 
$
29,052

 
$
26,741

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
 *

 
 *

 *

 
 *

 
 *

 
 *

 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Deficiency of earnings available to cover fixed charges and preferred stock dividends
 
$
(17,725
)
 
$
(63,016
)
$
(58,542
)
 
$
(18,734
)
 
$
(9,114
)
 
$
(14,892
)
 
(1) One-third of rent expense is the portion deemed representative of the interest factor.
(2) The preferred stock dividend amounts represent pre-tax earnings required to cover dividends on preferred stock.