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)

	2017			2016			2015			2014
Fixed charges:
Interest expense	$	52,873		$	43,482		$	30,071		$	22,393
Capitalized interest		—			—			—			—
Portion of rental expense which represents interest factor		9,185			13,072			13,406			13,476
Amortization of debt issuance costs		1,873			2,061			1,598			3,453
Total fixed charges	$	63,931		$	58,615		$	45,075		$	39,322
Earnings available for fixed charges:
Income (loss) before income tax provision		1,769,584			1,061,014			377,228			877,167
Less: (income) loss from equity method investment		(161,630	)		(103,178	)		(14,855	)		(53,856	)
Distributed equity income of affiliated companies		117,577			102,768			61,576			76,343
Add: fixed charges		63,931			58,615			45,075			39,322
Less: capitalized interest		—			—			—			—
Less: net (income)loss-Non-controlling interests		(814,535	)		(567,457	)		(215,998	)		(561,693	)
Total earnings (losses) available for fixed charges	$	974,927		$	551,762		$	253,026		$	377,283
Ratio of earnings to fixed charges		12.58			9.41			5.61			9.59