Exhibit 12.1
Nuveen Investments Inc. & Subsidiaries
Computation of Earnings to Fixed Charges
(in thousands, except for the ratio of earnings to fixed charges)
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| For the Year Ended |
| For the Three |
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| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2013 |
| 2014 |
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EARNINGS: |
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Income/(loss) before taxes |
| $ | (4,561 | ) | $ | 25,776 |
| $ | (26,446 | ) | $ | (877,916 | ) | $ | 32,359 |
| $ | (3,824 | ) | $ | (1,103 | ) |
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less: (income)/loss from noncontrolling interests |
| (1,653 | ) | (87,426 | ) | 7,171 |
| 66,188 |
| (29,516 | ) | (10,367 | ) | 12,121 |
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less: Symphony CLO V (income)/loss |
| (135,273 | ) | (24,949 | ) | 7,576 |
| (23,165 | ) | (4,725 | ) | (3,875 | ) | (997 | ) | |||||||
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Income/(loss) before taxes attributable to Nuveen Investments, before all non-controlling interests and Symphony CLO V |
| (141,487 | ) | (86,599 | ) | (11,699 | ) | (834,893 | ) | (1,882 | ) | (18,066 | ) | 10,021 |
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Fixed charges |
| 318,061 |
| 320,635 |
| 330,072 |
| 351,712 |
| 295,630 |
| 83,280 |
| 68,699 |
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Earnings, as defined |
| $ | 176,574 |
| $ | 234,036 |
| $ | 318,373 |
| $ | (483,181 | ) | $ | 293,748 |
| $ | 65,214 |
| $ | 78,720 |
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FIXED CHARGES: |
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Net interest expense |
| $ | 306,642 |
| $ | 309,552 |
| $ | 320,416 |
| $ | 340,270 |
| $ | 283,759 |
| $ | 80,414 |
| $ | 65,934 |
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add: interest and dividend revenue |
| 5,253 |
| 5,420 |
| 3,685 |
| 5,290 |
| 5,886 |
| 1,340 |
| 1,264 |
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Gross interest expense |
| 311,895 |
| 314,972 |
| 324,101 |
| 345,560 |
| 289,645 |
| 81,754 |
| 67,198 |
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Interest component of rent expense (one-third of rent expense) |
| 6,166 |
| 5,663 |
| 5,971 |
| 6,152 |
| 5,985 |
| 1,526 |
| 1,501 |
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Total Fixed Charges |
| $ | 318,061 |
| $ | 320,635 |
| $ | 330,072 |
| $ | 351,712 |
| $ | 295,630 |
| $ | 83,280 |
| $ | 68,699 |
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Ratio of earnings to fixed charges: |
| 0.56 |
| 0.73 |
| 0.96 |
| (1.37 | ) | 0.99 |
| 0.78 |
| 1.15 |
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Deficiency |
| $ | (141,487 | ) | $ | (86,599 | ) | $ | (11,699 | ) | $ | (834,893 | ) | $ | (1,881 | ) | (18,066 | ) | n/a |
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