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)

 
Nine Months Ended September 30,
 
Year Ended December 31,

 
2018
 
 
2017
 
 
2016
 
 
2015
 
2014
 
 
2013
Ratio of Earnings to Fixed Charges
 

 
 

 
 

 
 

 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 $
34,177

 
 $
1,180

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

 
 $
2,404

Add: Fixed charges
 
9,708

 
 
5,829

 
 
7,486

 
 
8,435

 
9,337

 
 
17,534

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and fixed charges
 $
43,885

 
 $
7,009

 
 $
(4,800
)
 
 $
(3,260
)
 
$
19,343

 
 $
19,938

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 

 
 

 
 

 
 

 

 
 

Total interest expense
 $
7,226

 
 $
2,710

 
 $
4,262

 
 $
5,169

 
$
6,990

 
 $
15,438

Interest factor in rents (1)
 
2,482

 
 
3,119

 
 
3,224

 
 
3,266

 
2,347

 
 
2,096

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
9,708

 
$
5,829

 
 $
7,486

 
$
8,435

 
$
9,337

 
 $
17,534

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
4.5

 
 
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
 $
34,177

 
 $
1,180

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

 
 $
2,404

Add: Fixed charges
 
9,708

 
 
5,829

 
 
7,486

 
 
8,435

 
9,337

 
 
17,534

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and combined fixed charges and preferred stock dividends
 $
43,885

 
 $
7,009

 
 $
(4,800
)
 
 $
(3,260
)
 
$
19,343

 
 $
19,938

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 

 
 

 
 

 
 

 

 
 

Total interest expense
 $
7,226

 
 $
2,710

 
 $
4,262

 
 $
5,169

 
$
6,990

 
 $
15,438

Interest factor in rents (1)
 
2,482

 
 
3,119

 
 
3,224

 
 
3,266

 
2,347

 
 
2,096

Preferred stock dividends (2)
 
36,461

 
 
54,137

 
 
50,730

 
 
46,847

 
28,740

 
 
11,518

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred stock dividends
 $
46,169

 
 $
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 combined fixed charges and preferred stock dividends
 $
(2,284
)
 
 $
(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.