EX-12.1 3 d440961dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STIFEL FINANCIAL CORP.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,      Six Months Ended
June 30,		  
(in 000s, except ratios)    2012      2013      2014 (1)      2015 (2)      2016 (3)      2016 (4)      2017 (5)  

Earnings:

                     

Income from operations before income tax expense

    $ 229,747      $ 185,229      $ 290,794      $ 141,567      $ 142,582      $ 59,706      $ 162,217  

Add:

                     

Fixed charges

      51,799        71,518        67,839        76,893        107,260        48,500        54,854  

Subtract:

                     

Preferred dividends

      —          —          —          —          3,906        —          4,688  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     281,546        256,747        358,633        218,460        245,936        108,206        212,383  

Fixed charges:

                     

Interest expense

      33,370        46,368        41,261        45,399        66,874        31,373        32,540  

Estimate of interest within rental expense

      18,429        25,150        26,578        31,494        36,480        17,127        17,626  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

      51,799        71,518        67,839        76,893        103,354        48,500        50,166  

Preferred dividends

      —          —          —          —          3,906        —          4,688  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges including preferred stock dividends

    $ 51,799      $ 71,518      $ 67,839      $ 76,893      $ 107,260      $ 48,500      $ 54,854  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges

      5.44x        3.59x        5.29x        2.84x        2.38x        2.23x        4.23x  

Ratio of earnings to fixed charges and preferred stock dividends

      5.44x        3.59x        5.29x        2.84x        2.29x        2.23x        3.87x  

 

(1) For the year ended December 31, 2014, we recorded certain merger-related after-tax expenses of $26.4 million.
(2) For the year ended December 31, 2015, we recorded certain merger-related after-tax expenses of $56.9 million.
(3) For the year ended December 31, 2016, we recorded certain merger and litigation-related after-tax expenses of $108.1 million.
(4) For the six months ended June 30, 2016, we recorded certain merger-related after-tax expenses of $41.5 million.
(5) For the six months ended June 30, 2017, we recorded certain merger and litigation-related after-tax expenses of $17.5 million.