Exhibit 12
Nuveen Investments Inc. & Subsidiaries
Computation of Earnings to Fixed Charges
Predecessor | Successor | ||||||||||||||||||||||||
January 1, 2007 | November 14, 2007 | ||||||||||||||||||||||||
2005 | 2006 | to November 13, 2007 | to December 31, 2007 | 2008 | 2009 | ||||||||||||||||||||
(In thousands, except for the ratio of earnings to fixed charges) | |||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||
Income/(loss) before income taxes | $ | 284,648 | $ | 314,834 | $ | 207,336 | $ | (53,920 | ) | $ | (2,278,298 | ) | $ | (4,561 | ) | ||||||||||
less: net income/(loss) attributable to Symphony CLO V | — | — | — | (7,416 | ) | (141,508 | ) | 135,273 | |||||||||||||||||
Adjusted income/(loss) before taxes | 284,648 | 314,834 | 207,336 | (46,504 | ) | (2,136,790 | ) | (139,834 | ) | ||||||||||||||||
less: income/(loss) from noncontrolling interests | 5,809 | 6,230 | 7,211 | 1,062 | 2,286 | 1,653 | |||||||||||||||||||
Income/(loss) before taxes attributable to Nuveen Investments | 278,839 | 308,605 | 200,124 | (47,566 | ) | (2,139,076 | ) | (141,487 | ) | ||||||||||||||||
Fixed charges | 31,868 | 44,028 | 34,916 | 40,982 | 291,036 | 317,825 | |||||||||||||||||||
Earnings as defined | $ | 310,707 | $ | 352,632 | $ | 235,040 | $ | (6,584 | ) | $ | (1,848,040 | ) | $ | 176,338 | |||||||||||
Fixed Charges: | |||||||||||||||||||||||||
Gross interest expense | $ | 27,917 | $ | 39,553 | $ | 30,393 | $ | 41,520 | $ | 306,616 | $ | 320,080 | |||||||||||||
less: interest expense associated with Symphony CLO V | — | — | — | 1,214 | 21,282 | 8,185 | |||||||||||||||||||
adjusted gross interest expense | 27,917 | 39,553 | 30,393 | 40,306 | 285,334 | 311,895 | |||||||||||||||||||
Interest component of rent expense (one third of rent expense) | 3,951 | 4,474 | 4,523 | 676 | 5,702 | 5,930 | |||||||||||||||||||
Total fixed charges | $ | 31,868 | $ | 44,028 | $ | 34,916 | $ | 40,982 | $ | 291,036 | $ | 317,825 | |||||||||||||
Ratio of earnings to fixed charges: | 9.75 | 8.01 | 6.73 | (0.16 | ) | (6.35 | ) | 0.55 | |||||||||||||||||
Deficiency | — | — | — | $ | 47,566 | $ | 2,139,076 | $ | 141,487 |