EX-12.1 4 a5964463ex12_1.htm EXHIBIT 12.1 a5964463ex12_1.htm
Exhibit 12.1

ANNALY CAPITAL MANAGEMENT, INC.

Ratio of Earnings To Combined Fixed Charges And Preferred Stock Dividends

The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown (dollars in thousands):
 

   
For the Three
Months Ended
March 31, 2009
    
For the Year
Ended
December 31, 2008
    
For the Year
Ended
December 31, 2007
    
For the Year
Ended
December 31, 2006
    
For the Year
Ended
December 31, 2005
    
For the Year
Ended
December 31, 2004
  
                                     
Net income before taxes
   $ 349,893     $ 372,157     $ 423,254     $ 101,354     $ 1,497     $ 253,050  
Add:  fixed charges (interest expense)
     378,625       1,888,912       1,926,465       1,055,013       568,560       270,116  
                                                 
Earnings as adjusted
   $ 728,518     $ 2,261,069     $ 2,349,719     $ 1,156,367     $ 570,057     $ 523,166  
                                                 
Fixed charges (interest expense) + preferred stock dividend
     383,251     $ 1,910,089     $ 1,947,958     $ 1,074,570     $ 583,153     $ 277,861  
                                                 
Ratio of earnings to combined fixed charges
and preferred stock dividends
     1.90X       1.18X       1.21X       1.08X       0.98X       1.88X