PENSON WORLDWIDE INC - FORM 10-Q - EX-12.1 - STATEMENT REGARDING COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES - May 15, 2012

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Exhibit 12.1

STATEMENTS REGARDING COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES

 

     Three
Months
Ended
March 31,
2012		           Year ended December 31,  

(In thousands)

      2011     2010     2009      2008      2007  

Earnings:

               

Income (loss) from continuing operations before income taxes

    $ (42,990 )    $ (233,131 )    $ (20,431 )    $ 23,841       $ 28,839       $ 23,309   

Fixed charges excluding interest from securities operations

      10,015        43,722        33,310        12,535         5,911         5,193   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Subtotal

      (32,975 )      (189,409 )      12,879        36,376         34,750         28,502   

Interest expense from securities operations

      4,421        27,763        22,269        34,279         90,699         140,077   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total

    $ (28,554 )    $ (161,646 )    $ 35,148      $ 70,655       $ 125,449       $ 168,579   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Fixed charges:

               

Interest expense on long-term debt

    $ 9,538      $ 40,942      $ 30,829      $ 10,344       $ 3,854       $ 2,894   

Interest factor in rents and other interest-bearing liabilities

      477        2,780        2,481        2,191         2,057         2,299   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Subtotal

      10,015        43,722        33,310        12,535         5,911         5,193   

Interest expense from securities operations

      4,421        27,763        22,269        34,279         90,699         140,077   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total

    $ 14,436      $ 71,485      $ 55,579      $ 46,814       $ 96,610       $ 145,270   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges:

               

Including interest expense from securities operations

      (a )      (c )      0.6        1.5         1.3         1.2   

Excluding interest expense from securities operations

      (b )      (d )      0.4        2.9         5.9         5.5   

 

(a) Earnings were inadequate to cover fixed charges by $28.6 million for the three months ended March 31, 2012.

 

(b) Earnings were inadequate to cover fixed charges excluding interest expense from securities operations by $33.0 million for the three months ended March 31, 2012.

 

(c) Earnings were inadequate to cover fixed charges by $161.6 million for the year ended December 31, 2011.

 

(d) Earnings were inadequate to cover fixed charges excluding interest expense from securities operations by $189.4 million for the year ended December 31, 2011.

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