EX-12.1 6 a2168364zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

The following table displays our ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown: (1) (2)


IMPAC MORTGAGE HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollar amounts in thousands)

 
   For the Year Ended December 31,
  
 
   2005
   2004
   2003
   2002
   2001
  
Net earnings (loss)   240,607   244,187     147,430   41,918   (7,469 )
Add: Fixed charges   1,048,662   413,584   $ 209,470   127,851   108,224  
Net earnings (loss) plus fixed charges   1,289,269   657,771     356,900   169,769   100,755  
Fixed charges   1,048,662   413,584     209,470   127,851   108,224  
Preferred stock dividends   14,530   3,750     — (3) — (3) 1,575  
Total fixed charges and preferred stock dividends   1,063,192   417,334     209,470   127,851   109,799  
Ratio of earnings to fixed charges   1.23 x 1.59 x   1.70 x 1.33 x — (4)
Ratio of earnings to combined fixed charges and preferred dividends   1.21 x 1.58 x   1.70 x 1.33 x — (4)
(1)
Earnings used in computing the ratio of earnings to fixed charges consist of net earnings before income taxes plus fixed charges. Fixed charges include interest expense on debt and the portion of rental expense deemed to represent the interest factor.

(2)
Financial information for the years ended December 31, 2003 to 2001 reflects accounting restatements and reclassifications for prior periods. In addition, prior to the consolidation of IFC on July 1, 2003, the method used to calculate the ratio of earnings to fixed charges and preferred stock dividends reflects the consolidated net earnings of IMH less net earnings of IFC plus dividend distributions from IFC to IMH.

(3)
No preferred stock dividends were paid during this period as IMH did not have any preferred stock outstanding.

(4)
Earnings were insufficient to cover fixed charges. The amount of the deficiency for the years ended December 31, 2001 were $7.5 million.



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IMPAC MORTGAGE HOLDINGS, INC. RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (dollar amounts in thousands)