Cowen Group, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges
| | Three Months Ended March 31, 2014 | Year ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
($ in thousands) | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||
Earnings | |||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income | 14,106 | 18,297 | (23,509 | ) | (98,610 | ) | (53,090 | ) | (47,245 | ) | |||||||||
Less income (or plus loss) from equity investees | (6,500 | ) | (16,100 | ) | (15,600 | ) | (5,400 | ) | (3,400 | ) | 3,300 | ||||||||
Plus: fixed charges | 2,180 | 6,248 | 8,027 | 10,590 | 13,578 | 17,039 | |||||||||||||
Plus: amortization of capitalized interest | — | — | — | — | — | — | |||||||||||||
Plus: distributed income of equity investees | 9,282 | 19,475 | 8,053 | 3,775 | 2,642 | 3,526 | |||||||||||||
Plus: share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | |||||||||||||
Less: interest capitalized and preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | |||||||||||||
Less: non-controlling interest in the pre-tax income of subsidiaries that have not incurred fixed charges | (4,187 | ) | (13,193 | ) | (72 | ) | 5,827 | 13,727 | 16,248 | ||||||||||
Total Earnings | 14,881 | 14,727 | (23,101 | ) | (83,818 | ) | (26,543 | ) | (7,132 | ) | |||||||||
| | | | | | | | | | | | | | | | | | | | |
Fixed Charges | 2,180 | 6,248 | 8,027 | 10,590 | 13,578 | 17,039 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | 6.83 | 2.36 | — | — | — | — | |||||||||||||
