Ladenburg Thalmann Financial Services Inc. 6.50% NT 27 (LTSL) 10-Q 2016 Q3 Quarterly report

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,
	2016			2015			2014			2013			2012			2011
Ratio of Earnings to Fixed Charges
(Loss) income before income taxes	$	(14,872	)	$	(11,695	)	$	10,006		$	2,404		$	(14,892	)	$	(12,302	)
Add: Fixed charges	5,852			8,435			9,337			17,534			26,741			7,814
(Loss) income before income taxes and fixed charges	$	(9,020	)	$	(3,260	)	$	19,343		$	19,938		$	11,849		$	(4,488	)
Fixed Charges:
Total interest expense	$	3,512		$	5,169		$	6,990		$	15,438		$	24,541		$	6,543
Interest factor in rents (1)	2,340			3,266			2,347			2,096			2,200			1,271
Total fixed charges	$	5,852		$	8,435		$	9,337		$	17,534		$	26,741		$	7,814
Ratio of earnings to fixed charges	*			*			2.1			1.1			*			*
* Deficiency of earnings available to cover fixed charges	$	(14,872	)	$	(11,695	)	$	—		$	—		$	(14,892	)	$	(12,302	)
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Loss) income before income taxes	$	(14,872	)	$	(11,695	)	$	10,006		$	2,404		$	(14,892	)	$	(12,302	)
Add: Fixed charges	5,852			8,435			9,337			17,534			26,741			7,814
(Loss) income before income taxes and combined fixed charges and preferred stock dividends	$	(9,020	)	$	(3,260	)	$	19,343		$	19,938		$	11,849		$	(4,488	)
Fixed Charges:
Total interest expense	$	3,512		$	5,169		$	6,990		$	15,438		$	24,541		$	6,543
Interest factor in rents (1)	2,340			3,266			2,347			2,096			2,200			1,271
Preferred stock dividends (2)	37,523			46,847			28,740			11,518			—			—
Total combined fixed charges and preferred stock dividends	$	43,375		$	55,282		$	38,077		$	29,052		$	26,741		$	7,814
Ratio of earnings to combined fixed charges and preferred stock dividends	*			*			*			*			*			*
* Deficiency of earnings available to cover fixed charges and preferred stock dividends	$	(52,395	)	$	(58,542	)	$	(18,734	)	$	(9,114	)	$	(14,892	)	$	(12,302	)

⁽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.