Exhibit 12.1
Chicago Mercantile Exchange Holdings Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges (1)
| Year Ended December 31, | |||||||||||||||
| 2001 | 2002 | 2003 | 2004 | 2005 | |||||||||||
Income (loss) before limited partners’ interest in PMT and income taxes (2) | $ | 125,766 | $ | 154,229 | $ | 206,125 | $ | 367,656 | $ | 508,379 | |||||
Add back CME share of loss on equity investee (3) | 281 | 2,876 | 4,958 | 3,593 | 2,636 | ||||||||||
Earnings / (Loss) Before Income Taxes | 126,047 | 157,105 | 211,083 | 371,249 | 511,015 | ||||||||||
Plus: | |||||||||||||||
Interest Expense (excluding interest for securities lending) | 656 | 856 | 632 | 401 | 319 | ||||||||||
Interest Expense within Rent (4) | 4,904 | 5,492 | 5,488 | 5,973 | 6,059 | ||||||||||
Adjusted Earnings | $ | 131,607 | $ | 163,453 | $ | 217,203 | $ | 377,623 | $ | 517,393 | |||||
Fixed Charges | $ | 5,560 | $ | 6,348 | $ | 6,120 | $ | 6,374 | $ | 6,378 | |||||
Ratio of Earnings to Fixed Charges | 23.67 | 25.75 | 35.49 | 59.24 | 81.12 | ||||||||||
| (1) | The ratio of earnings to fixed charges is calculated by dividing earnings, as defined, by fixed charges, as defined. For this purpose, “earnings” consist of income before income taxes, plus fixed charges and “fixed charges” consist of interest incurred and the interest portion of rent expense. |
| (2) | The limited partner’s interest in PMT applies only to the year ended December 31, 2000. CME purchased the net assets of PMT during the demutualization process which was finalized on November 13, 2000. |
| (3) | Represents CME’s 40% share of the losses in OneChicago, LLC, our joint venture with the Chicago Board Options Exchange and the Chicago Board of Trade for the trading of single stock futures and futures based on narrow-based stock indexes, recognized using the equity method of accounting. |
| (4) | CME considers 40% of rental expense to be the amount representing return on capital. |
