EX-12.1 2 clny201310-kexhibit121xrat.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS CLNY 2013 10-K Exhibit 12.1 - Ratio of Earnings to Fixed Charges

Exhibit 12.1
COLONY FINANCIAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(In thousands, except ratios)

 
 
Year Ended December 31,
 
Period from June 23, 2009 (Date of Inception) to December 31, 2009
 
 
 
2013
 
2012
 
2011
 
2010
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes before adjustment for noncontrolling interest and income from equity method investees
 
$
25,874

 
$
1,633

 
$
(2,356
)
 
$
(6,516
)
 
$
(1,610
)
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
18,838

 
8,248

 
3,011

 
555

 
—

 
Distributed income of equity investees
 
101,874

 
64,839

 
25,959

 
16,296

 
—

 
Subtract:
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interests in pre-tax income of consolidated subsidiaries with no fixed charges
 
(17,018
)
 
(1,976
)
 
(1,095
)
 
(22
)
 
(2
)
 
Earnings (loss)
 
$
129,568

 
$
72,744

 
$
25,519

 
$
10,313

 
$
(1,612
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preferred Dividends:
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
18,838

 
$
8,248

 
$
3,011

 
$
555

 
$
—

 
Preferred dividends
 
21,420

 
13,915

 
—

 
—

 
—

 
Combined fixed charges and preferred dividends
 
$
40,258

 
$
22,163

 
$
3,011

 
$
555

 
$
—

 
Ratio of Earnings to Fixed Charges
 
6.9
x
 
8.8
x
 
8.5
x
 
18.6
x
 
N/A

(1) 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
3.2
x
 
3.3
x
 
8.5
x
 
18.6
x
 
N/A

(1) 
 
 
 
 

 

 

 

 
(1)
The Company did not have any fixed charges in the period presented.