EX-12.1 2 ai-ex121_14.htm EX-12.1 ai-ex121_14.htm

Exhibit 12.01

Arlington Asset Investment Corp.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Pre-tax (loss) income from continuing operations adjusted

   to exclude income or loss from equity investees

 

$

(14,512

)

 

$

(32,403

)

 

$

55,189

 

 

$

14,253

 

 

$

30,788

 

Distributed income of equity investees

 

 

809

 

 

 

1,628

 

 

 

413

 

 

 

90

 

 

 

384

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of debt discount and

   premium on all indebtedness

 

 

29,222

 

 

 

18,889

 

 

 

11,391

 

 

 

8,529

 

 

 

4,965

 

Rentals

 

 

87

 

 

 

92

 

 

 

83

 

 

 

81

 

 

 

88

 

Total fixed charges

 

$

29,309

 

 

$

18,981

 

 

$

11,474

 

 

$

8,610

 

 

$

5,053

 

Pre-tax income (loss) from continuing operations adjusted

   to exclude income or loss from equity investees plus fixed

   charges and distributed income of equity investees

 

$

15,606

 

 

$

(11,794

)

 

$

67,076

 

 

$

22,953

 

 

$

36,225

 

Ratio of earnings to fixed charges

 

(A)

 

 

(A)

 

 

 

5.8

 

 

 

2.7

 

 

 

7.2

 

 

(A)

For the years ended December 31, 2016 and 2015, the ratio coverage in the period was less than 1:1. The Company would have had to generate additional earnings of $13,703 and $30,775, respectively, to achieve coverage of 1:1 in those periods.