EX-12.1 3 ex12_1.htm EXHIBIT 12.1

Exhibit 12.1

OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

  

 

  

 

  

 

  

 

  

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes (1)

 

$

51,565

 

$

53,716

 

$

81,590

 

$

22,682

 

$

25,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized, except interest on deposits, and amortization of capitalized debt expenses

 

 

82,391

 

 

71,974

 

 

52,710

 

 

33,625

 

 

16,805

 

Interest on deposits

 

 

654

 

 

917

 

 

948

 

 

3,710

 

 

13,634

 

Interest component of rental expense

 

 

2,650

 

 

2,217

 

 

1,513

 

 

1,308

 

 

907

 

 

 

    

 

    

 

    

 

    

 

    

 

Total fixed charges (2)

 

 

85,695

 

 

75,108

 

 

55,171

 

 

38,643

 

 

31,346

 

 

 

    

 

    

 

    

 

    

 

    

 

Earnings (losses) for computation purposes

 

$

137,260

 

$

128,824

 

$

136,761

 

$

61,325

 

$

56,972

 

 

 

    

 

    

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Including interest on deposits (3)

 

 

1.60

 

 

1.72

 

 

2.48

 

 

1.59

 

 

1.82

 

Excluding interest on deposits (3)

 

 

1.61

 

 

1.72

 

 

2.50

 

 

1.65

 

 

2.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Excludes income or loss from equity investees but includes any distributions received representing a return on capital

 

 

(2)

Fixed charges represent total interest expensed and capitalized, including and excluding interest on deposits, amortization of capitalized debt expenses, as well as the interest component of rental expense.

 

 

(3)

The ratios of earnings to fixed charges were computed by dividing (x) income from continuing operations before income taxes plus fixed charges by (y) fixed charges.