EX-12.1 4 a2225131zex-12_1.htm EX-12.1

Exhibit 12.1

 

PennyMac Mortgage Investment Trust

Ratio of Earnings to Fixed Charges

 

 

 

Year ended

 

Quarter ended

 

 

 

2010

 

2011

 

2012

 

2013

 

2014

 

3/31/2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

27,026

 

 

$

72,495

 

 

$

186,822

 

 

$

214,635

 

 

$

179,464

 

 

$

(3,820

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

826

 

 

16,946

 

 

31,642

 

 

65,222

 

 

85,589

 

 

25,746

 

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

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

27,852

 

 

89,441

 

 

218,464

 

 

279,857

 

 

265,053

 

 

21,926

 

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

 

$

27,852

 

 

$

89,441

 

 

$

218,464

 

 

$

279,857

 

 

$

265,053

 

 

$

21,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

$

826

 

 

$

14,629

 

 

$

26,084

 

 

$

54,695

 

 

$

75,258

 

 

$

23,119

 

amortized premiums, discounts and capitalized expenses related to indebtedness

 

-

 

 

2,317

 

 

5,558

 

 

10,527

 

 

10,331

 

 

2,627

 

estimated interest within rental expense

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preference security dividend requirements of consolidated subsidiaries

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

$

826

 

 

$

16,946

 

 

$

31,642

 

 

$

65,222

 

 

$

85,589

 

 

$

25,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ratio of earnings to fixed charges

 

33.7

 

 

5.3

 

 

6.9

 

 

4.3

 

 

3.1

 

 

0.9

 

ratio of earnings to fixed charges and preferred stock dividends

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A