Exhibit 12
Nuveen Investments Inc. & Subsidiaries
Computation of Earnings to Fixed Charges
In thousands, except for the ratio of earnings to fixed charges
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| January 1, 2007 |
| November 14, 2007 |
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| Six Months Ended June 30, |
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| 2004 |
| 2005 |
| 2006 |
| to November 13, 2007 |
| to December 31, 2007 |
| 2008 |
| 2008 |
| 2009 |
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EARNINGS: |
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Income/(loss) before taxes |
| $ | 254,383 |
| 284,649 |
| 314,834 |
| 207,336 |
| (53,919 | ) | (2,278,298 | ) | (32,330 | ) | 22,899 |
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less: net income/(loss) attributable to Symphony CLO V |
| — |
| — |
| — |
| — |
| (7,416 | ) | (141,508 | ) | (23,235 | ) | 83,209 |
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Adjusted income/(loss) before taxes |
| 254,383 |
| 284,649 |
| 314,834 |
| 207,336 |
| (46,504 | ) | (2,136,789 | ) | (9,094 | ) | (60,310 | ) | |
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less: income/(loss) from noncontrolling interests |
| 1,876 |
| 5,809 |
| 6,230 |
| 7,211 |
| 1,062 |
| 2,286 |
| 1,230 |
| 712 |
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Income/(loss) before taxes attributable to Nuveen Investments |
| 252,506 |
| 278,839 |
| 308,605 |
| 200,124 |
| (47,565 | ) | (2,139,075 | ) | (10,325 | ) | (61,022 | ) | |
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Fixed charges |
| 16,061 |
| 31,868 |
| 44,028 |
| 34,916 |
| 40,982 |
| 291,036 |
| 144,896 |
| 142,336 |
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Earnings as defined |
| $ | 268,567 |
| 310,707 |
| 352,632 |
| 235,040 |
| (6,583 | ) | (1,848,039 | ) | 134,571 |
| 81,314 |
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| January 1, 2007 |
| November 14, 2007 |
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| Six Months Ended June 30, |
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| 2004 |
| 2005 |
| 2006 |
| to November 13, 2007 |
| to December 31, 2007 |
| 2008 |
| 2008 |
| 2009 |
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FIXED CHARGES: |
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Gross interest expense |
| $ | 12,513 |
| 27,917 |
| 39,553 |
| 30,393 |
| 41,520 |
| 306,616 |
| 157,108 |
| 144,299 |
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less: interest expense associated with Symphony CLO V |
| — |
| — |
| — |
| — |
| 1,214 |
| 21,282 |
| 14,983 |
| 4,953 |
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adjusted gross interest expense |
| 12,513 |
| 27,917 |
| 39,553 |
| 30,393 |
| 40,306 |
| 285,334 |
| 142,125 |
| 139,346 |
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Interest component of rent expense (one-third of rent expense) |
| 3,548 |
| 3,951 |
| 4,474 |
| 4,523 |
| 676 |
| 5,702 |
| 2,771 |
| 2,990 |
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Total fixed charges |
| $ | 16,061 |
| 31,868 |
| 44,028 |
| 34,916 |
| 40,982 |
| 291,036 |
| 144,896 |
| 142,336 |
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Ratio of earnings to fixed charges: |
| 16.72 |
| 9.75 |
| 8.01 |
| 6.73 |
| (0.16 | ) | (6.35 | ) | 0.93 |
| 0.57 |
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Deficiency |
| — |
| — |
| — |
| — |
| $ | 47,565 |
| 2,139,075 |
| 10,325 |
| 61,022 |
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