Exhibit 12.1

Homeowners Choice, Inc.

Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

Unaudited

(dollars in thousands)

	Nine Months Ended September 30,		Years Ended December 31,
	2012		2011		2010		2009		2008		2007
Ratio of Earnings to Fixed Charges
Earnings:
Income before income taxes	$	28,515	$	16,405	$	8,586	$	17,749	$	20,795	$	1,631
Add: Fixed charges, net		123		80		62		60		45		11
Income before income taxes and fixed charges, net	$	28,638	$	16,485	$	8,648	$	17,809	$	20,840	$	1,642
Fixed Charges:
Interest expensed and capitalized	$	—	$	—	$	—	$	—	$	—	$	—
Amortized premiums, discounts and capitalized expenses related to indebtedness		—		—		—		—		—		—
Estimate of the interest within rental expense		123		80		62		60		45		11
Total fixed charges	$	123	$	80	$	62	$	60	$	45	$	11
Ratio of earnings to fixed charges		232.8		206.1		139.5		296.8		463.1		149.3
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Earnings:
Income before income taxes	$	28,515	$	16,405	$	8,586	$	17,749	$	20,795	$	1,631
Add: Fixed charges, net		123		80		62		60		45		11
Income before income taxes and fixed charges, net	$	28,638	$	16,485	$	8,648	$	17,809	$	20,840	$	1,642
Fixed Charges:
Interest expensed and capitalized	$	—	$	—	$	—	$	—	$	—	$	—
Amortized premiums, discounts and capitalized expenses related to indebtedness		—		—		—		—		—		—
Estimate of the interest within rental expense		123		80		62		60		45		11
Preferred stock dividends		286		815		—		—		—		—
Total fixed charges and preferred stock dividends	$	409	$	895	$	62	$	60	$	45	$	11
Ratio of earnings to fixed charges and preferred stock dividends		70.0		18.4		139.5		296.8		463.1		149.3