Exhibit 12
BGC PARTNERS, INC.
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, 2014 | Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes(1) | $ | 62,301 | $ | 275,429 | $ | 67,512 | $ | 60,964 | $ | 63,855 | $ | 73,175 | ||||||||||||
Add: Fixed charges, net(2) | 27,766 | 39,932 | 36,385 | 25,606 | 15,409 | 10,363 | ||||||||||||||||||
Income before income taxes and fixed charges, net | 90,067 | 315,361 | 103,897 | 86,570 | 79,264 | 83,538 | ||||||||||||||||||
Fixed charges, net: | ||||||||||||||||||||||||
Total interest expense | 23,583 | 32,411 | 29,419 | 22,798 | 14,080 | 9,920 | ||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 4,179 | 5,921 | 5,466 | 1,808 | 129 | 43 | ||||||||||||||||||
Interest within rental expense | 4 | 1,600 | 1,500 | 1,000 | 1,200 | 400 | ||||||||||||||||||
Total fixed charges, net | 27,766 | 39,932 | 36,385 | 25,606 | 15,409 | 10,363 | ||||||||||||||||||
Ratio of earnings to fixed charges | 3.2 | 7.9 | 2.9 | 3.4 | 5.1 | 8.1 |
Notes
(1) | Income from continuing operations before taxes does not include income or loss from equity investees. |
(2) | Does not reflect the fixed charges related to the old notes that we issued on December 9, 2014. |