EX-12.1 2 a121december16.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

 Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)


 
For the Years Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Pretax income from operations
$
70,655

 
$
82,548

 
$
142,586

 
$
69,694

 
$
29,100

Fixed charges (1)
32,115

 
27,680

 
25,094

 
20,949

 
8,894

Income from unconsolidated entities
(13,055
)
 
(7,865
)
 
(4,562
)
 
(2,297
)
 
(622
)
Distributions of income from unconsolidated entities
7,509

 
5,392

 
2,238

 
2,112

 
584

Noncontrolling interest
(9
)
 
—

 
—

 
—

 
97

Total Earnings
$
97,215

 
$
107,755

 
$
165,356

 
$
90,458

 
$
38,053

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense (1)
$
32,115

 
$
27,680

 
$
25,094

 
$
20,949

 
$
8,894

Total Fixed Charges
32,115

 
27,680

 
25,094

 
20,949

 
8,894

Preferred stock dividends
12,900

 
10,990

 
5,812

 
3,568

 
—

Total Combined Fixed Charges and Preferred Stock Dividends
$
45,015

 
$
38,670

 
$
30,906

 
$
24,517

 
$
8,894

Ratio of earnings to fixed charges
3.03

 
3.89

 
6.59

 
4.32

 
4.28

Ratio of earnings to combined fixed charges and preferred stock dividends
2.16

 
2.79

 
5.35

 
3.69

 
4.28

Deficiency related to ratio of earnings to fixed charges
NA

 
NA

 
NA

 
NA

 
NA

Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends
NA

 
NA

 
NA

 
NA

 
NA



(1) 
Excludes interest expense on multi-family collateralized debt obligations of the Consolidated K-Series, which we are required to consolidate in our financial statements under generally accepted accounting principles. We do not have any claims to the assets (other than the securities represented by our first loss pieces) or obligations for the liabilities of the Consolidated K-Series.