Exhibit 12.1
VECTOR GROUP LTD.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands, Except Ratios)
(Unaudited)
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||
Earnings as defined: | ||||||||||||||||||||
Pre-tax income (loss) | (34,348 | ) | 25,180 | 53,717 | 123,157 | 85,570 | 28,537 | 94,572 | ||||||||||||
Distributions from investees | 3,341 | 12,807 | 19,169 | 9,322 | 12,212 | 6,715 | 13,741 | |||||||||||||
Interest expense | 112,204 | 114,647 | 132,538 | 93,939 | 72,572 | 104,415 | 37,998 | |||||||||||||
(Income) in equity of affiliate | (16,774 | ) | (20,969 | ) | (29,764 | ) | (19,966 | ) | (23,963 | ) | (15,213 | ) | (24,399 | ) | ||||||
Interest portion of rental expense (1) | 1,498 | 1,201 | 1,367 | 1,438 | 1,223 | 1,301 | 1,275 | |||||||||||||
Total earnings | 65,921 | 132,866 | 177,027 | 207,890 | 147,614 | 125,755 | 123,187 | |||||||||||||
Fixed charges as defined: | ||||||||||||||||||||
Interest expense | 112,204 | 114,647 | 132,538 | 93,939 | 72,572 | 104,415 | 37,998 | |||||||||||||
Interest portion of rent expense (1) | 1,498 | 1,201 | 1,367 | 1,438 | 1,223 | 1,301 | 1,275 | |||||||||||||
Total fixed charges | 113,702 | 115,848 | 133,905 | 95,377 | 73,795 | 105,716 | 39,273 | |||||||||||||
Ratio of earnings to fixed charges | 0.58 | 1.15 | 1.32 | 2.18 | 2.00 | 1.19 | 3.14 |
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(1) One-third of rent expense is the portion deemed representative of the interest factor.