Vector (VGR) 10-Q 2014 Q3 Quarterly report

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,
	2014		2013		2013		2012		2011		2010		2009
Earnings as defined:
Pre-tax income (loss)	57,272		(34,348	)	63,487		53,717		123,157		85,570		28,537
Distributions from investees	3,404		3,341		4,251		19,169		9,322		12,212		6,715
Interest expense	121,335		90,746		147,084		132,538		93,939		72,572		104,415
(Income) in equity of affiliate	(3,002	)	(16,774	)	(22,925	)	(29,764	)	(19,966	)	(23,963	)	(15,213	)
Interest portion of rental expense (1)	5,558		1,498		2,174		1,367		1,438		1,223		1,301
Total earnings	184,567		44,463		194,071		177,027		207,890		147,614		125,755
Fixed charges as defined:
Interest expense	121,335		90,746		147,084		132,538		93,939		72,572		104,415
Interest portion of rent expense (1)	5,558		1,498		2,174		1,367		1,438		1,223		1,301
Total fixed charges	126,893		92,244		149,258		133,905		95,377		73,795		105,716
Ratio of earnings to fixed charges	1.45		0.48		1.3		1.32		2.18		2.00		1.19

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(1) One-third of rent expense is the portion deemed representative of the interest factor.