EX-12.1 6 a06-15807_1ex12d1.htm EX-12

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

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollar amounts in thousands)

 

 

For the Six

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Months

 

For the Six Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended June

 

Ended June 30,

 

For the Year Ended December 31,

 

 

 

30, 2005

 

2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

112,023

 

98,063

 

240,607

 

244,187

 

147,430

 

41,918

 

(7,469

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Fixed charges

 

440,569

 

$

652,928.35

 

$

1,048,661.77

 

$

413,584.38

 

$

209,469.97

 

$

127,850.52

 

$

108,223.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) plus fixed charges

 

552,592

 

750,991

 

1,289,269

 

657,771

 

356,900

 

169,769

 

100,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

440,569

 

$

652,928

 

$

1,048,662

 

413,584

 

$

209,470

 

$

127,851

 

$

108,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

7,248

 

7,344

 

14,530

 

3,750

 

—

(3)

—

(3)

1,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred stock dividends

 

447,817

 

$

660,272

 

$

1,063,192

 

417,334

 

$

209,470

 

$

127,851

 

$

109,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.25

x

1.15

x

1.23

x

1.59

x

1.70

x

1.33

x

—

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred dividends

 

1.23

x

1.14

x

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 year ended December 31, 2001 was $7.5 million.