Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - VECTOR GROUP LTD | a2017q2ex991.htm |
| EX-32.2 - EXHIBIT 32.2 - VECTOR GROUP LTD | a2017q2-ex322.htm |
| EX-32.1 - EXHIBIT 32.1 - VECTOR GROUP LTD | a2017q2-ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - VECTOR GROUP LTD | a2017q2-ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - VECTOR GROUP LTD | a2017q2ex311.htm |
| 10-Q - 10-Q - VECTOR GROUP LTD | a2017q210q.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, | |||||||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Earnings as defined: | ||||||||||||||||||||||||||
Pre-tax income | $ | 43,366 | $ | 82,096 | $ | 126,429 | $ | 107,705 | $ | 82,279 | $ | 60,720 | 53,806 | |||||||||||||
Distributions from investees | 28,332 | 12,565 | 24,793 | 7,152 | 6,568 | 6,262 | 21,467 | |||||||||||||||||||
Interest expense | 76,207 | 49,979 | 111,272 | 96,236 | 146,787 | 147,084 | 132,538 | |||||||||||||||||||
(Income) loss in equity of affiliate | (23,884 | ) | (1,724 | ) | (2,446 | ) | 680 | (7,243 | ) | (26,051 | ) | (30,028 | ) | |||||||||||||
Interest portion of rental expense (1) | 4,971 | 4,209 | 9,079 | 8,149 | 7,505 | 2,174 | 1,367 | |||||||||||||||||||
Total earnings | $ | 128,992 | $ | 147,125 | $ | 269,127 | $ | 219,922 | $ | 235,896 | $ | 190,189 | 179,150 | |||||||||||||
Fixed charges as defined: | ||||||||||||||||||||||||||
Interest expense | $ | 76,207 | $ | 49,979 | $ | 111,272 | $ | 96,236 | $ | 146,787 | $ | 147,084 | 132,538 | |||||||||||||
Interest portion of rent expense (1) | 4,971 | 4,209 | 9,079 | 8,149 | 7,505 | 2,174 | 1,367 | |||||||||||||||||||
Total fixed charges | $ | 81,178 | $ | 54,188 | $ | 120,351 | $ | 104,385 | $ | 154,292 | $ | 149,258 | 133,905 | |||||||||||||
Ratio of earnings to fixed charges | 1.59 | 2.72 | 2.24 | 2.11 | 1.53 | 1.27 | 1.34 | |||||||||||||||||||
________________________
(1) One third of rent expense is the portion deemed representative of the interest factor.