Apollo Global Management (APO-PA) 8-K Apollo to Offer Preferred Shares

Exhibit 12.1

Apollo Global Management, LLC

Unaudited Computation of Ratio of Earnings to Fixed Charges

($ in Thousands)

	Year Ended December 31,
	2016			2015			2014			2013			2012
Fixed charges:
Interest expense	$	43,482		$	30,071		$	22,393		$	29,260		$	37,116
Capitalized interest		—			—			—			—			—
Portion of rental expense which represents interest factor		13,072			13,406			13,476			13,315			12,406
Amortization of debt issuance costs		2,061			1,598			3,453			765			511
Total fixed charges	$	58,615		$	45,075		$	39,322		$	43,340		$	50,033
Earnings available for fixed charges:
Income (loss) before income tax provision		1,061,014			377,228			877,167			2,481,563			3,113,205
Less: (income) loss from equity method investment		(103,178	)		(14,855	)		(53,856	)		(107,350	)		(110,173	)
Distributed equity income of affiliated companies		102,768			61,576			76,343			107,208			152,645
Add: fixed charges		58,615			45,075			39,322			43,340			50,033
Less: capitalized interest		—			—			—			—			—
Less: net (income) loss -Non-controlling interests		(567,457	)		(215,998	)		(561,693	)		(1,714,603	)		(2,736,838	)
Total earnings (losses) available for fixed charges	$	551,762		$	253,026		$	377,283		$	810,158		$	468,872
Ratio of earnings to fixed charges		9.41			5.61			9.59			18.69			9.37