EX-12 3 dex12.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 The following table presents the calculations of ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown. IMPAC MORTGAGE HOLDINGS, INC. RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (dollar amounts in thousands)
2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- Net earnings (loss) ................................ 33,178 (54,233) 22,317 (5,933) (16,029) Add: Fixed charges (1) ............................ 113,144 125,019 91,074 128,190 84,195 Net earnings (loss) plus fixed charges ............. 146,322 70,787 113,391 122,257 68,166 Fixed charges ...................................... 113,144 125,019 91,074 128,190 84,195 Preferred stock dividends .......................... 1,575 3,150 3,290 --- --- Total fixed charges and preferred stock dividends .. 114,719 128,169 94,364 128,190 84,195 Ratio of earnings to fixed charges ................. 1.29x 0.57x 1.25x 0.95x 0.81x Ratio of earnings to combined fixed charges and preferred dividends ............................. 1.28x 0.55x 1.20x 0.95x 0.81x
----------- (1) Interest expense on debt and the portion of rental expense deemed to represent the interest factor.