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)


 
 
Year Ended December 31,
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
   
Income (loss) before income taxes
 
$
1,180

 
$
(12,286
)
 
$
(11,695
)
 
$
10,006

 
$
2,404

   
Add: Fixed charges
 
5,829

 
7,486

 
8,435

 
9,337

 
17,534

   
 
 
 
 
 
 
 
 
 
 
 
   
Income (loss) before income taxes and fixed charges
 
$
7,009

 
$
(4,800
)
 
$
(3,260
)
 
$
19,343

 
$
19,938

   
 
 
 
 
 
 
 
 
 
 
 
   
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
   
Total interest expense
 
$
2,710

 
$
4,262

 
$
5,169

 
$
6,990

 
$
15,438

   
Interest factor in rents (1)
 
3,119

 
3,224

 
3,266

 
2,347

 
2,096

   
 
 
 
 
 
 
 
 
 
 
 
   
Total fixed charges
 
5,829

 
$
7,486

 
$
8,435

 
$
9,337

 
$
17,534

   
 
 
 
 
 
 
 
 
 
 
 
  
Ratio of earnings to fixed charges
 
1.2

 
 *

 
 *

 
2.1

 
1.1

  
 
 
 
 
 
 
 
 
 
 
 
 
* Deficiency of earnings available to cover fixed charges
 
$
—

 
$
(12,286
)
 
$
(11,695
)
 
$
—

 
$
—

   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
  
 
 
 
 
 
 
 
 
 
 
 
   
Income (loss) before income taxes
 
$
1,180

 
$
(12,286
)
 
$
(11,695
)
 
$
10,006

 
$
2,404

   
Add: Fixed charges
 
5,829

 
7,486

 
8,435

 
9,337

 
17,534

   
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and combined fixed charges
 
$
7,009

 
$
(4,800
)
 
$
(3,260
)
 
$
19,343

 
$
19,938

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
2,710

 
$
4,262

 
$
5,169

 
$
6,990

 
$
15,438

 
Interest factor in rents (1)
 
3,119

 
3,224

 
3,266

 
2,347

 
2,096

 
Preferred stock dividends (2)
 
54,137

 
50,730

 
46,847

 
28,740

 
11,518

 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred stock dividends
 
$
59,966

 
$
58,216

 
$
55,282

 
$
38,077

 
$
29,052

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

 
 *

 
 *

 
 *

 
 *

  
 
 
 
 
 
 
 
 
 
 


 
* Deficiency of earnings available to cover fixed charges and preferred stock dividends
 
$
(52,957
)
 
$
(63,016
)
 
$
(58,542
)
 
$
(18,734
)
 
$
(9,114
)
   
 
 
 
 
 
 
 
 
 
 
 
 
(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.