Exhibit 12.1
The Carlyle Group L.P.
Unaudited Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions)
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 49.4 | $ | 111.5 | $ | 97.7 | $ | 91.6 | $ | 57.0 | $ | 23.3 | ||||||||||||
Portion of rental expense which represents interest factor | 9.4 | 18.3 | 18.8 | 18.2 | 16.5 | 15.8 | ||||||||||||||||||
Amortization of debt issuance costs, premiums and discounts | 0.6 | 1.2 | 1.2 | 1.3 | 1.4 | 1.3 | ||||||||||||||||||
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Total Fixed Charges | $ | 59.4 | $ | 131.0 | $ | 117.7 | $ | 111.1 | $ | 74.9 | $ | 40.4 | ||||||||||||
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Earnings available for fixed charges: | ||||||||||||||||||||||||
Income before income tax provision | $ | 571.4 | $ | 45.3 | $ | 402.2 | $ | 991.9 | $ | 1,444.0 | $ | 2,439.9 | ||||||||||||
Add: Fixed charges | 59.4 | 131.0 | 117.7 | 111.1 | 74.9 | 40.4 | ||||||||||||||||||
Add: Distributed income of equity investees | 65.5 | 181.3 | 23.3 | 96.0 | 75.7 | 20.7 | ||||||||||||||||||
Less: Income (loss) from equity method investments | (104.3 | ) | (150.6 | ) | (10.4 | ) | 7.3 | (14.2 | ) | (32.7 | ) | |||||||||||||
Less: Net income (loss) -Non-controlling interests | (19.8 | ) | (41.0 | ) | (537.9 | ) | (485.5 | ) | (676.0 | ) | (1,756.7 | ) | ||||||||||||
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Total earnings available for fixed charges | $ | 572.2 | $ | 166.0 | $ | (5.1 | ) | $ | 720.8 | $ | 904.4 | $ | 711.6 | |||||||||||
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Ratio of earnings to fixed charges | 9.63 | 1.27 | (1 | ) | 6.49 | 12.07 | 17.61 | |||||||||||||||||
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(1) | For the year ended December 31, 2015, the ratio of earnings to fixed charges was less than 1:1. The Partnership would have needed to generate additional earnings of $122.8 million to achieve a coverage ratio of 1:1 for the year ended December 31, 2015. |