EX-12.1 4 a2210014zex-12_1.htm EX-12.1

Exhibit 12.1

 

PennyMac Mortgage Investment Trust
Ratio of Earnings to Fixed Charges

 

 

 

Inception to

 

Year ended

 

Quarter ended

 

 

12/31/2009

 

12/31/2010

 

12/31/2011

 

3/31/2012

Pre-tax income from continuing operations before adjustment for income or loss from equity investees

 

$

(1,883)

 

$

24,483

 

$

64,486

 

$

11,444

Add:

 

 

 

 

 

 

 

 

Fixed Charges

 

-

 

826

 

16,946

 

6,674

Amortization of capitalized interest

 

-

 

-

 

-

 

-

distributed income of equity investees

 

-

 

-

 

-

 

-

share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges

 

-

 

-

 

-

 

-

 

 

(1,883)

 

25,309

 

81,432

 

18,118

less:

 

 

 

 

 

 

 

 

capitalized interest

 

-

 

-

 

-

 

-

preference security dividend requirements of consolidated subsidiaries

 

-

 

-

 

-

 

-

the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.

 

-

 

-

 

-

 

-

Adjusted earnings

 

$

(1,883)

 

$

25,309

 

$

81,432

 

$

18,118

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

$

-

 

$

826

 

$

14,629

 

$

5,941

amortized premiums, discounts and capitalized expenses related to indebtedness

 

-

 

-

 

2,317

 

733

estimated interest within rental expense

 

-

 

-

 

-

 

-

preference security dividend requirements of consolidated subsidiaries

 

-

 

-

 

-

 

-

 

 

$

-

 

$

826

 

$

16,946

 

$

6,674

 

 

 

 

 

 

 

 

 

ratio of earnings to fixed charges

 

N/A

 

30.6

 

4.8

 

2.7

ratio of earnings to fixed charges and preferred stock dividends

 

N/A

 

N/A

 

N/A

 

N/A