Exhibit 12
VECTOR GROUP LTD.
Ratio of Earnings to Fixed Charges
(Dollars in Thousands, Except Ratios)
Ratio of Earnings to Fixed Charges
(Dollars in Thousands, Except Ratios)
Year ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings as defined: | ||||||||||||||||||||
Pre-tax income (loss) from continuing operations | $ | 28,537 | $ | 94,572 | $ | 126,603 | $ | 68,480 | $ | 185,768 | ||||||||||
Adjustment for minority interests | — | — | — | — | (3,368 | ) | ||||||||||||||
Distributions from investees | 6,715 | 13,741 | 9,878 | 7,311 | 5,935 | |||||||||||||||
Amortization of capitalized interest | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Interest expense | 104,415 | 37,998 | 51,871 | 37,664 | 26,730 | |||||||||||||||
Loss (income) in equity of affiliate | (15,213 | ) | (24,399 | ) | (16,243 | ) | (9,086 | ) | (7,543 | ) | ||||||||||
Rent expense | 1,301 | 1,275 | 1,309 | 1,502 | 1,809 | |||||||||||||||
Total earnings | $ | 125,756 | $ | 123,188 | $ | 173,419 | $ | 105,872 | $ | 109,332 | ||||||||||
Fixed charges as defined: | ||||||||||||||||||||
Interest expense | $ | 104,415 | $ | 37,998 | $ | 51,871 | $ | 37,664 | $ | 26,730 | ||||||||||
Capitalized interest | — | — | — | — | — | |||||||||||||||
Rent expense, net of minority interests | 1,301 | 1,275 | 1,309 | 1,502 | 1,758 | |||||||||||||||
Total fixed charges | $ | 105,716 | $ | 39,273 | $ | 53,180 | $ | 39,166 | $ | 28,488 | ||||||||||
Ratio of earnings to fixed charges | 1.19 | 3.14 | 3.26 | 2.70 | 3.84 | |||||||||||||||