Exhibit 12
Nuveen Investments Inc. & Subsidiaries
Computation of Earnings to Fixed Charges
(in thousands)
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| Predecessor |
| Successor |
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| January 1, 2007 |
| November 14, 2007 |
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| Three Months Ended March 31, |
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| 2004 |
| 2005 |
| 2006 |
| to November 13, 2007 |
| to December 31, 2007* |
| 2008* |
| 2008* |
| 2009* |
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Earnings: |
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Income/(loss) before income taxes |
| $ | 252,506 |
| 278,839 |
| 308,605 |
| 200,124 |
| (47,565 | ) | (2,139,075 | ) | (48,811 | ) | $ | (39,474 | ) | |
Fixed charges |
| 16,061 |
| 31,868 |
| 44,028 |
| 34,916 |
| 40,982 |
| 291,036 |
| 74,761 |
| 72,097 |
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Earnings as defined |
| 268,567 |
| 310,707 |
| 352,632 |
| 235,040 |
| (6,583 | ) | (1,848,039 | ) | 25,951 |
| 32,623 |
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Fixed charges: |
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Interest expense, including amortization of premiums, discounts, and capitalized expenses related to indebtedness |
| 12,513 |
| 27,917 |
| 39,553 |
| 30,393 |
| 40,306 |
| 285,334 |
| 73,402 |
| 70,588 |
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Interest component of rent expense (one-third of rent expense) |
| 3,548 |
| 3,951 |
| 4,474 |
| 4,523 |
| 676 |
| 5,702 |
| 1,360 |
| 1,508 |
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Total fixed charges |
| $ | 16,061 |
| 31,868 |
| 44,028 |
| 34,916 |
| 40,982 |
| 291,036 |
| 74,761 |
| 72,097 |
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Ratio of earnings to fixed charges: |
| 16.72 |
| 9.75 |
| 8.01 |
| 6.73 |
| (0.16 | ) | (6.35 | ) | 0.35 |
| 0.45 |
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Deficiency |
| — |
| — |
| — |
| — |
| $ | 47,565 |
| 2,139,075 |
| 48,811 |
| $ | 39,474 |
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* Excludes Symphony CLO V.