EX-12.01 2 dex1201.htm EXHIBIT 12.01 EXHIBIT 12.01

Exhibit 12.01

 

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

    

Three Months
Ended

March 31,
2005

    Years Ended December 31,
      2004
    2003
    2002
    2001
     2000

Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees

    $ 33,203    $ 399,536    $ 225,165    $ 42,229    $ (18,457 )   $ 1,000
    
  
  
  
  
 

Distributed income of equity investees

      0      2,141      553      14,089      10,747       12,036
    
  
  
  
  
 

Fixed charges:

                                           

Interest expense and amortization of debt discount and premium on all indebtedness

      74,822      164,156      68,995      2,073      1,083       1,665

Rentals: Equipment and office rent expense—33.33%

      1,086      2,798      1,719      1,692      1,657       1,305
    
  
  
  
  
 

Total fixed charges

    $ 75,908    $ 166,954    $ 70,714    $ 3,765    $ 2,740     $ 2,970
    
  
  
  
  
 

Pre-tax income (loss) from continuing operations before adjustments for income or loss from equity investees plus fixed charges and distributed income of equity investees

    $ 109,111    $ 568,631    $ 296,432    $ 60,083    $ (4,970 )   $ 16,006
    
  
  
  
  
 

Ratio of earnings to fixed charges

      1.4      3.4      4.2      16.0      (A )     5.4
(A) Due to the company’s losses in 2001, the ratio coverage in this year was less than 1:1. The company would have had to generate additional earnings of $7,710 and, respectively, to achieve coverage of 1:1 in these years.