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, |
| | | 2015 | | 2014 | | 2013 | | 2012 | | 2011 | | 2010 |
| Ratio of Earnings to Fixed Charges | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (Loss) income before income taxes | | $ | (11,274 | ) | | $ | 10,006 |
| | $ | 2,404 |
| | $ | (14,892 | ) | | $ | (12,302 | ) | | $ | (10,090 | ) |
| Add: Fixed charges | | 6,428 |
| | 9,337 |
| | 17,534 |
| | 26,741 |
| | 7,814 |
| | 4,344 |
|
| | | | | | | | | | | | | |
| (Loss) income before income taxes and fixed charges | | $ | (4,846 | ) | | $ | 19,343 |
| | $ | 19,938 |
| | $ | 11,849 |
| | $ | (4,488 | ) | | $ | (5,746 | ) |
| | | | | | | | | | | | | |
| Fixed Charges: | | | | | | | | | | | | |
| Total interest expense | | $ | 3,970 |
| | $ | 6,990 |
| | $ | 15,438 |
| | $ | 24,541 |
| | $ | 6,543 |
| | $ | 3,241 |
|
Interest factor in rents (1) | | 2,458 |
| | 2,347 |
| | 2,096 |
| | 2,200 |
| | 1,271 |
| | 1,103 |
|
| | | | | | | | | | | | | |
| Total fixed charges | | $ | 6,428 |
| | $ | 9,337 |
| | $ | 17,534 |
| | $ | 26,741 |
| | $ | 7,814 |
| | $ | 4,344 |
|
| | | | | | | | | | | | | |
| Ratio of earnings to fixed charges | | * |
| | 2.1 |
| | 1.1 |
| | * |
| | * |
| | * |
|
| | | | | | | | | | | | | |
| * Deficiency of earnings available to cover fixed charges | | $ | (11,274 | ) | | $ | — |
| | $ | — |
| | $ | (14,892 | ) | | $ | (12,302 | ) | | $ | (10,090 | ) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | | |
| | | | | | | | | | | | | |
| (Loss) income before income taxes | | $ | (11,274 | ) | | $ | 10,006 |
| | $ | 2,404 |
| | $ | (14,892 | ) | | $ | (12,302 | ) | | $ | (10,090 | ) |
| Add: Fixed charges | | 6,428 |
| | 9,337 |
| | 17,534 |
| | 26,741 |
| | 7,814 |
| | 4,344 |
|
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (Loss) income before income taxes and combined fixed charges and preferred stock dividends | | $ | (4,846 | ) | | $ | 19,343 |
| | $ | 19,938 |
| | $ | 11,849 |
| | $ | (4,488 | ) | | $ | (5,746 | ) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Fixed Charges: | | | | | | | | | | | | |
| Total interest expense | | $ | 3,970 |
| | $ | 6,990 |
| | $ | 15,438 |
| | $ | 24,541 |
| | $ | 6,543 |
| | $ | 3,241 |
|
Interest factor in rents (1) | | 2,458 |
| | 2,347 |
| | 2,096 |
| | 2,200 |
| | 1,271 |
| | 1,103 |
|
Preferred stock dividends (2) | | 34,622 |
| | 28,740 |
| | 11,518 |
| | — |
| | — |
| | — |
|
| | | | | | | | | | | | | |
| Total combined fixed charges and preferred stock dividends | | $ | 41,050 |
| | $ | 38,077 |
| | $ | 29,052 |
| | $ | 26,741 |
| | $ | 7,814 |
| | $ | 4,344 |
|
| | | | | | | | | | | | | |
| Ratio of earnings to combined fixed charges and preferred stock dividends | | * |
| | * |
| | * |
| | * |
| | * |
| | * |
|
| | | | | | | | | | | | | |
| * Deficiency of earnings available to cover fixed charges and preferred stock dividends | | $ | (45,896 | ) | | $ | (18,734 | ) | | $ | (9,114 | ) | | $ | (14,892 | ) | | $ | (12,302 | ) | | $ | (10,090 | ) |
(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.
