EX-12.1 3 ladr123115ex-121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Ladder Capital Corp
Ratio of Earnings to Fixed Charges
($ in thousands)

 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) before taxes
 
$
160,691

 
$
124,231

 
$
192,463

 
$
172,038

 
$
73,241

Earnings from investment in unconsolidated joint ventures
 
(371
)
 
(1,990
)
 
(3,203
)
 
(1,256
)
 
(347
)
Distribution of income from unconsolidated joint ventures
 
294

 
1,957

 
3,894

 
1,404

 
—

Fixed charges
 
113,801

 
78,168

 
49,356

 
37,033

 
36,055

 
 
$
274,415

 
$
202,366

 
$
242,510

 
$
209,219

 
$
108,949

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
113,303

 
$
77,574

 
$
48,745

 
$
36,440

 
$
35,836

Operating lease rental expense (1)
 
498

 
594

 
611

 
593

 
219

 
 
$
113,801

 
$
78,168

 
$
49,356

 
$
37,033

 
$
36,055

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges:
 
2.41

 
2.59

 
4.91

 
5.65

 
3.02

 
(1)         Operating lease rental expense that is representative of the interest factor (generally presumed to be 1/3).