Attached files
| file | filename |
|---|---|
| EX-5.1 - EX-5.1 - EATON VANCE CORP | d360673dex51.htm |
| EX-4.1 - EX-4.1 - EATON VANCE CORP | d360673dex41.htm |
| 8-K - FORM 8-K - EATON VANCE CORP | d360673d8k.htm |
Exhibit 12.1
EATON VANCE CORP.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
| Three Months 2017 |
Year Ended October 31, |
Three Months Pro Forma(2) |
Year Ended Pro Forma(2) |
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| (in thousands, except ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
| Pretax income, excluding equity in earnings of unconsolidated affiliates |
$ | 98,583 | $ | 408,052 | $ | 369,384 | $ | 491,149 | $ | 359,453 | $ | 403,738 | $ | 100,021 | $ | 413,802 | ||||||||||||||||
| Add: Fixed Charges |
9,140 | 36,475 | 36,517 | 36,787 | 40,375 | 40,752 | 7,702 | 30,725 | ||||||||||||||||||||||||
| Distributed earnings of equity method investees |
2,905 | 11,460 | 15,908 | 16,079 | 16,869 | 11,369 | 2,905 | 11,460 | ||||||||||||||||||||||||
| Less: Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
3,703 | 23,250 | 8,096 | 11,537 | 12,265 | 41,437 | 3,703 | 23,250 | ||||||||||||||||||||||||
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| Earnings as adjusted |
$ | 106,925 | $ | 432,737 | $ | 413,713 | $ | 532,478 | $ | 404,432 | $ | 414,422 | $ | 106,925 | $ | 432,737 | ||||||||||||||||
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| Fixed Charges: |
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| Interest expense on indebtedness |
$ | 7,008 | $ | 28,031 | $ | 28,031 | $ | 28,031 | $ | 31,039 | $ | 32,500 | $ | 5,570 | $ | 22,281 | ||||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness |
339 | 1,379 | 1,326 | 1,861 | 2,669 | 1,430 | 339 | 1,379 | ||||||||||||||||||||||||
| Portion of rents representative of an appropriate interest factor |
1,793 | 7,065 | 7,160 | 6,895 | 6,667 | 6,822 | 1,793 | 7,065 | ||||||||||||||||||||||||
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| Total Fixed Charges |
$ | 9,140 | $ | 36,475 | $ | 36,517 | $ | 36,787 | $ | 40,375 | $ | 40,752 | $ | 7,702 | $ | 30,725 | ||||||||||||||||
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| Ratio of Earnings to Fixed Charges |
11.70 | 11.86 | 11.33 | 14.47 | 10.02 | 10.17 | 13.88 | 14.08 | ||||||||||||||||||||||||
| (1) | These ratios include Eaton Vance and its consolidated subsidiaries. For purposes of calculating the ratio of earnings to fixed charges, earnings consist of pretax income less equity in earnings of unconsolidated affiliates, less net income attributable to non-controlling and other beneficial interests, plus fixed charges and distributed earnings of unconsolidated affiliates. Fixed charges include gross interest expense, amortization of deferred financing expenses and an amount equivalent to interest included in rental charges. We have assumed that one-third of rental expense is representative of the interest factor. |
| (2) | The ratio of earnings to fixed charges for the three months ended January 31, 2017 and fiscal year ended October 31, 2016 have been adjusted on a pro forma basis to give effect to the offer and sale of the $300 million aggregate principal amount of Eaton Vance Corp. 3.500% unsecured senior notes due April 6, 2027 and the use of the net proceeds to redeem all $250 million of outstanding aggregate principal amount of Eaton Vance Corp. 6.50% unsecured senior notes due October 2, 2017, as if such events occurred on January 31, 2017 and October 31, 2016, respectively. |