Cowen (COWN) 8-K Cowen Group, Inc. Announces Pricing of $55 Million Senior Notes Offering

Exhibit 12.1

Cowen Group, Inc.

Calculation of Ratio of Earnings to Total Fixed Charges

	Six Months Ended		Year ended December 31,
($ in thousands)	June 30, 2014		2013		2012		2011		2010		2009
Earnings
Pre-tax income from continuing operations before adjustment for income	27,625		18,297		(23,509	)	(98,610	)	(53,090	)	(47,245	)
Less income (or plus loss) from equity investees	(10,200	)	(16,100	)	(15,600	)	(5,400	)	(3,400	)	3,300
Plus: fixed charges	6,461		6,248		8,027		10,590		13,578		17,039
Plus: amortization of capitalized interest	—		—		—		—		—		—
Plus: distributed income of equity investees	10,831		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	(9,403	)	(13,193	)	(72	)	5,827		13,727		16,248
Total Earnings	25,314		14,727		(23,101	)	(83,818	)	(26,543	)	(7,132	)
Fixed Charges	6,461		6,248		8,027		10,590		13,578		17,039
Ratio of earnings to fixed charges	3.92		2.36		—		—		—		—