NATIONAL FINANCIAL PARTNERS CORP - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES & PREFERRED DIVIDENDS - November 1, 2011

Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - NATIONAL FINANCIAL PARTNERS CORPFinancial_Report.xls
10-Q - FORM 10-Q - NATIONAL FINANCIAL PARTNERS CORPd234451d10q.htm
EX-10.1 - NATIONAL FINANCIAL PARTNERS CORP. COMPENSATION RECOUPMENT POLICY - NATIONAL FINANCIAL PARTNERS CORPd234451dex101.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PUSUANT TO SECTION 302 - NATIONAL FINANCIAL PARTNERS CORPd234451dex312.htm
EX-32.2 - CERTIFICATION OF CFO PURSUANT TO 18 U.S.C. SECTION 1350 - NATIONAL FINANCIAL PARTNERS CORPd234451dex322.htm
EX-32.1 - CERTIFICATION OF CEO PURSUANT TO 18 U.S.C. SECTION 1350 - NATIONAL FINANCIAL PARTNERS CORPd234451dex321.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 - NATIONAL FINANCIAL PARTNERS CORPd234451dex311.htm

Exhibit 12.1

NATIONAL FINANCIAL PARTNERS CORP.

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

(Amounts in thousands of dollars, except ratios)

 

     Nine Months Ended
September 30, 2011		      Years Ended December 31,  
      2010      2009     2008      2007      2006  

Income (loss) before income taxes (a)

    $ 46,015       $ 69,039       $ (567,770 )    $ 41,809       $ 91,956       $ 101,361   

Add:

                 

Interest Expense(a)

    $ 10,636       $ 15,662       $ 18,187      $ 19,832       $ 16,587       $ 6,291   

Amortization of debt-related expenses

      1,115         2,871         2,380        1,932         1,723         559   

Appropriate portion of rents(b)

      4,985         7,019         9,297        7,306         5,400         4,280   
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  
     16,736         25,552         29,864        29,070         23,710         11,130   
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Earnings available for fixed charges

    $ 62,751       $ 94,591       $ (537,906 )    $ 70,879       $ 115,666       $ 112,491   
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Fixed Charges:

                 

Interest Expense(a)

    $ 10,636       $ 15,662       $ 18,187      $ 19,832       $ 16,587       $ 6,291   

Amortization of debt-related expenses

      1,115         2,871         2,380        1,932         1,723         559   

Appropriate portion of rents(b)

      4,985         7,019         9,297        7,306         5,400         4,280   
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total Fixed Charges

    $ 16,736       $ 25,552       $ 29,864      $ 29,070       $ 23,710       $ 11,130   
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Ratio of Earnings to Combined Fixed Charges and Preferred Dividends (c)

      3.75x         3.70x         N/M        2.44x         4.88x         10.11x   

 

N/M indicates the metric is not meaningful

(a) Interest expense and Income before income taxes exclude interest expense accrued on uncertain tax positions. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of September 30, 2011, the Company had accrued interest related to unrecognized tax benefits of $0.7 million.
(b) Portion of rental expenses which is deemed representative of an interest factor, which is approximately twenty percent of total rental expense.
(c) Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges and earnings available for fixed charges must be approximately $29.9 million in order to attain a ratio of earnings to fixed charges and preferred dividends of one-to-one.

Stock widget

Investing forum

NATIONAL FINANCIAL PARTNERS CORP Reports

Also read