VECTOR GROUP LTD - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - August 5, 2016

Attached files

file	filename
EX-31.2 - EXHIBIT 31.2 - VECTOR GROUP LTD	a2016q2-ex312.htm
EX-99.1 - EXHIBIT 99.1 - VECTOR GROUP LTD	a2016q2ex991.htm
EX-32.2 - EXHIBIT 32.2 - VECTOR GROUP LTD	a2016q2-ex322.htm
EX-32.1 - EXHIBIT 32.1 - VECTOR GROUP LTD	a2016q2-ex321.htm
EX-31.1 - EXHIBIT 31.1 - VECTOR GROUP LTD	a2016q2ex311.htm
10-Q - 10-Q - VECTOR GROUP LTD	a2016q210q.htm

Exhibit 12.1

VECTOR GROUP LTD.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands, Except Ratios)

(Unaudited)



	Six Months Ended June 30,						Year Ended December 31,
	2016			2015			2015			2014			2013			2012			2011
Earnings as defined:
Pre-tax income	82,096			64,970			107,705			82,279			60,720			53,806			122,245
Distributions from investees	12,565			2,263			7,152			6,568			6,262			21,467			10,022
Interest expense	49,979			51,791			96,236			146,787			147,084			132,538			93,939
Income in equity of affiliate	(1,724	)		(643	)		680			(7,243	)		(26,051	)		(30,028	)		(19,256	)
Interest portion of rental expense (1)	4,209			3,854			8,149			7,505			2,174			1,367			1,438
Total earnings	147,125			122,235			219,922			235,896			190,189			179,150			208,388
Fixed charges as defined:
Interest expense	49,979			51,791			96,236			146,787			147,084			132,538			93,939
Interest portion of rent expense (1)	4,209			3,854			8,149			7,505			2,174			1,367			1,438
Total fixed charges	54,188			55,645			104,385			154,292			149,258			133,905			95,377
Ratio of earnings to fixed charges	2.72			2.2			2.11			1.53			1.27			1.34			2.18

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