EXHIBIT 12.1

ANWORTH MORTGAGE ASSET CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

Computation of ratio of earnings to combined fixed charges and preferred stock dividends:

	For the Years Ended December 31,
	2012		2011		2010		2009		2008
Fixed charges(1)	$	86,073	$	89,265	$	95,830	$	115,707	$	181,324
Preferred stock dividends		5,773		5,885		5,764		5,906		5,928
Combined fixed charges and preferred stock dividends	$	91,846	$	95,150	$	101,594	$	121,613	$	187,252
Fixed charges	$	91,846	$	95,150	$	101,594	$	121,613	$	187,252
Income (loss) from continuing operations		100,218		122,876		110,499		130,234		55,049
	$	192,064	$	218,026	$	212,093	$	251,847	$	242,301
Dollar amount of deficiency	$	0	$	0	$	0	$	0	$	0
Ratio of earnings to combined fixed charges and preferred stock dividends		2.09		2.29		2.09		2.07		1.29

(1) Fixed charges consist of interest expense on all indebtedness.