Exhibit 12
Manning & Napier, Inc.
Consolidated Ratio of Earnings to Fixed Charges
| Six months ended | ||||||||||||||||||||||||
| June 30, | Fiscal Year Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Net income (loss) attributable to Manning & Napier Inc. shareholders | $ | 604 | $ | 2,469 | $ | (27,167 | ) | $ | — | $ | — | $ | — | |||||||||||
Net income (loss) attributable to noncontrolling interest | 34,385 | 73,950 | (79,249 | ) | 53,098 | 54,425 | 58,992 | |||||||||||||||||
Income tax expense | 4,577 | 8,160 | 1,982 | 712 | 360 | 374 | ||||||||||||||||||
Fixed charges | 449 | 938 | 46,645 | 61,921 | 10,779 | 7,520 | ||||||||||||||||||
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Total earnings | $ | 40,015 | $ | 85,517 | $ | (57,789 | ) | $ | 115,731 | $ | 65,564 | $ | 66,886 | |||||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 6 | $ | 38 | $ | 31 | $ | 16 | $ | 125 | $ | 174 | ||||||||||||
Interest expense on shares subject to mandatory redemption | — | — | 45,833 | 61,243 | 9,991 | 6,707 | ||||||||||||||||||
Estimate of interest as a component of rental expense (B) | 443 | 900 | 781 | 662 | 663 | 639 | ||||||||||||||||||
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Fixed charges | $ | 449 | $ | 938 | $ | 46,645 | $ | 61,921 | $ | 10,779 | $ | 7,520 | ||||||||||||
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Ratio of earnings to fixed charges | 89.1 | x | 91.2 | x | (A | ) | 1.9 | x | 6.1 | x | 8.9 | x | ||||||||||||
(A) Due to the company's losses in 2011, the ratio coverage in this year was less than 1:1. The company would have had to generate additional earnings of $104,434 to achieve coverage of 1:1 in that year.
(B) The interest component of rental expense was estimated at one-fourth of rental expense |
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