Exhibit 12.1
MSCI Inc.
Ratio of Earnings to Fixed Charges
| Six Months Ended June 30, 2015 | Year Ended | One Month Ended December 31, 2010 | |||||||||||||||||||||||||||||
| December 31, 2014 | December 31, 2013 | December 31, 2012 | December 31, 2011 | November 30, 2010 | |||||||||||||||||||||||||||
| Operating revenues | $ | 533,349 | $ | 996,680 | $ | 913,364 | $ | 826,990 | $ | 781,355 | $ | 604,307 | $ | 61,841 | |||||||||||||||||
| Total operating expenses | 346,096 | 659,514 | 573,033 | 508,755 | 484,193 | 406,629 | 38,993 | ||||||||||||||||||||||||
| Operating income | 187,253 | 337,166 | 340,331 | 318,235 | 297,162 | 197,678 | 22,848 | ||||||||||||||||||||||||
| Interest income | (389 | ) | (851 | ) | (889 | ) | (699 | ) | (526 | ) | (944 | ) | (39 | ) | |||||||||||||||||
| Interest expense | 22,224 | 31,820 | 26,256 | 56,401 | 55,673 | 51,311 | 6,054 | ||||||||||||||||||||||||
| Other expense | 342 | (2,141 | ) | 2,136 | 1,732 | 4,445 | 974 | (257 | ) | ||||||||||||||||||||||
| Other expense (income), net | 22,177 | 28,828 | 27,503 | 57,434 | 59,592 | 51,341 | 5,758 | ||||||||||||||||||||||||
| Income before provision for income taxes | 165,076 | 308,338 | 312,828 | 260,801 | 237,570 | 146,337 | 17,090 | ||||||||||||||||||||||||
| Provision for income taxes | 59,435 | 109,396 | 112,918 | 96,010 | 78,634 | 58,492 | 5,238 | ||||||||||||||||||||||||
| Income from continuing operations | 105,641 | 198,942 | 199,910 | 164,791 | 158,936 | 87,845 | 11,852 | ||||||||||||||||||||||||
| Income from discontinued operations, net of income taxes | (5,797 | ) | 85,171 | 22,647 | 19,447 | 14,518 | 4,325 | 1,972 | |||||||||||||||||||||||
| Net income | $ | 99,844 | $ | 284,113 | $ | 222,557 | $ | 184,238 | $ | 173,454 | $ | 92,170 | $ | 13,824 | |||||||||||||||||
| Income before provision for income taxes | $ | 165,076 | $ | 308,338 | $ | 312,828 | $ | 260,801 | $ | 237,570 | $ | 146,337 | $ | 17,090 | a | ||||||||||||||||
| Interest Expense (includes amortization of fees and discounts) | 22,224 | 23,876 | (3) | 26,256 | 56,401 | 61,727 | 51,311 | 6,054 | b | ||||||||||||||||||||||
| Estimated portion of rent expense representative of interest | 4,285 | 8,705 | 8,034 | 7,852 | 5,826 | 5,546 | 485 | b | |||||||||||||||||||||||
| a + | |||||||||||||||||||||||||||||||
| b = | |||||||||||||||||||||||||||||||
| Earnings | $ | 191,585 | $ | 340,919 | $ | 347,118 | $ | 325,054 | $ | 305,123 | $ | 203,194 | $ | 23,629 | c | ||||||||||||||||
| Fixed Charges: | |||||||||||||||||||||||||||||||
| Interest Expense (includes amortization of fees and discounts)(1) | 22,224 | 23,876 | (3) | 26,256 | 56,401 | 61,727 | 51,311 | 6,054 | |||||||||||||||||||||||
| Estimated portion of rent expense representative of interest(2) | 4,285 | 8,705 | 8,034 | 7,852 | 5,826 | 5,546 | 485 | ||||||||||||||||||||||||
| Total Fixed Charges | $ | 26,509 | $ | 32,581 | $ | 34,290 | $ | 64,253 | $ | 67,553 | $ | 56,857 | $ | 6,539 | b | ||||||||||||||||
| Earnings to Fixed Charges Ratio | 7.23 | 10.46 | 10.12 | 5.06 | 4.52 | 3.57 | 3.61 | c/b | |||||||||||||||||||||||
| (1) | The interest expense included in fixed charges above reflects only interest on third-party indebtedness and excludes any interest expense accrued on uncertain tax positions, as permitted by Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740,Income Taxes (formerly FASB Interpretation No. 48,Accounting for Income Taxes). |
| (2) | Rent expense substantially represents payments for rented spaces. MSCI Inc. has used one-third of rent expense as a reasonable estimate of the financing component of rent expense, since it is impracticable to determine the actual financing component of rent expense. |
| (3) | Excludes $7.9 million of accelerated amortization of discount and capitalized expenses related to indebtedness that were recognized upon the November 20, 2014 termination of MSCI Inc.’s senior secured credit facility, as amended. |
