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, except ratios)
(unaudited)

 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
   
 
Income (loss) before income taxes
 
$
2,404

 
$
(14,892
)
 
$
(12,302
)
 
$
(10,090
)
   
$
(17,604
)
Add: Fixed charges
 
17,534

 
26,741

 
7,814

 
4,344

   
4,999

 
 
 
 
 
 
 
 
 
   
 
Income (loss) before income taxes and fixed charges
 
$
19,938

 
$
11,849

 
$
(4,488
)
 
$
(5,746
)
   
$
(12,605
)
 
 
 
 
 
 
 
 
 
   
 
Fixed Charges:
 
 
 
 
 
 
 
 
   
 
Total interest expense
 
$
15,438

 
$
24,541

 
$
6,543

 
$
3,241

   
$
3,977

Interest factor in rents (1)
 
2,096

 
2,200

 
1,271

 
1,103

   
1,022

 
 
 
 
 
 
 
 
 
   
 
Total fixed charges
 
$
17,534

 
$
26,741

 
$
7,814

 
$
4,344

   
$
4,999

 
 
 
 
 
 
 
 
 
  
 
Ratio of earnings to fixed charges
 
1.1

 
 *

 
 *

 
 *

  
 *

 
 
 
 
 
 
 
 
 
 
 
* Deficiency of earnings available to cover fixed charges
 
$

 
$
(14,892
)
 
$
(12,302
)
 
$
(10,090
)
   
$
(17,604
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
  
 
 
 
 
 
 
 
 
 
 
   
 
Income (loss) before income taxes
 
$
2,404

 
$
(14,892
)
 
$
(12,302
)
 
$
(10,090
)
   
$
(17,604
)
Add: Fixed charges
 
17,534

 
26,741

 
7,814

 
4,344

   
4,999

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and combined fixed charges
 
$
19,938

 
$
11,849

 
$
(4,488
)
 
$
(5,746
)
 
$
(12,605
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
15,438

 
$
24,541

 
$
6,543

 
$
3,241

 
$
3,977

Interest factor in rents (1)
 
2,096

 
2,200

 
1,271

 
1,103

 
1,022

Preferred stock dividends (2)
 
11,518

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred stock dividends
 
$
29,052

 
$
26,741

 
$
7,814

 
$
4,344

 
$
4,999

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

 
 *

 
 *

 
 *

  
 *

 
 
 
 
 
 
 
 
 
 
 
* Deficiency of earnings available to cover fixed charges and preferred stock dividends
 
$
(9,114
)
 
$
(14,892
)
 
$
(12,302
)
 
$
(10,090
)
   
$
(17,604
)
(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.