EX-12.1 2 d184906dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Apollo Commercial Real Estate Finance, Inc.

Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(in thousands)

 

      For the period
September 29, 2009
(commencement of
operations) to
December 31, 2009		     For the year ended
December 31, 2010		     For the six
months ended
June 30, 2011		  

Fixed charges

       

Interest-expensed

    $ 101      $ 10,198      $ 7,608   

Interest-capitalized

      —          3,380        —     

Interest-capitalized TALF

      256        357        —     
  

 

 

    

 

 

    

 

 

  

Total fixed charges

      358        13,934        7,608   

Preferred stock dividends

      —          —          —     

Earnings

       

Net income before taxes

      (2,172 )      10,999        11,700   

Add:

       

Fixed charges

      358        13,934        7,608   

Amortization capitalized interest

      2        1,173        721   

Less:

       

Interest capitalized

      (256 )      (3,737 )      —     
  

 

 

    

 

 

    

 

 

  

Earnings (loss) as adjusted

    $ (2,069 )    $ 22,370      $ 20,029   

Ratio of earnings to fixed charges

      (5.79x )(1)      1.61x        2.63x   

Ratio of earnings to fixed charges and preferred stock dividends

      (5.79x )(1)      1.61x        2.63x   

 

(1) The coverage deficiency for total fixed charges for this period was approximately $2,400 to arrive at a one-to-one ratio.