Exhibit 12.1
BGC PARTNERS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
Quarter Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes(1) | $ | 21,368 | $ | 60,964 | $ | 63,855 | $ | 73,175 | $ | 16,843 | $ | 43,389 | ||||||||||||
Add: Fixed charges, net | 7,958 | 25,606 | 15,409 | 10,363 | 18,950 | 26,251 | ||||||||||||||||||
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Income before income taxes and fixed charges, net | $ | 29,326 | $ | 86,570 | $ | 79,264 | $ | 83,538 | $ | 35,793 | $ | 69,640 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Total interest expense(2) | $ | 6,476 | $ | 22,798 | $ | 14,080 | $ | 9,920 | $ | 18,950 | $ | 26,251 | ||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,082 | 1,808 | 129 | 43 | — | — | ||||||||||||||||||
Interest within rental expense | 400 | 1,000 | 1,200 | 400 | — | — | ||||||||||||||||||
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Total fixed charges | $ | 7,958 | $ | 25,606 | $ | 15,409 | $ | 10,363 | $ | 18,950 | $ | 26,251 | ||||||||||||
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Ratio of earnings to fixed charges | 3.7 | 3.4 | 5.1 | 8.1 | 1.9 | 2.7 |
(1) | Income before income taxes does not include income or loss from equity investees. |
(2) | Includes interest expense of $0.1 million for the three months ended March 31, 2012 and $0.1 million for the year ended December 31, 2011 related to short-term borrowings. |