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.
