Exhibit 12.1
BGC Partners, Inc.
Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes(1) | $ | 60,964 | $ | 63,855 | $ | 73,175 | $ | 16,843 | $ | 43,389 | ||||||||||
Add: Fixed charges, net | 25,606 | 15,409 | 10,363 | 18,950 | 26,251 | |||||||||||||||
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Income before income taxes and fixed charges, net | $ | 86,570 | $ | 79,264 | $ | 83,538 | $ | 35,793 | $ | 69,640 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Total interest expense | $ | 22,798 | $ | 14,080 | $ | 9,920 | $ | 18,950 | $ | 26,251 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,808 | 129 | 43 | — | — | |||||||||||||||
Interest within rental expense | 1,000 | 1,200 | 400 | — | — | |||||||||||||||
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Total fixed charges | $ | 25,606 | $ | 15,409 | $ | 10,363 | $ | 18,950 | $ | 26,251 | ||||||||||
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Ratio of earnings to fixed charges | 3.4 | 5.1 | 8.1 | 1.9 | 2.7 |
(1) | Income from continuing operations before taxes does not include income or loss from equity investees. |