EX-12.1 2 a02-013ambcex121x3q1710q.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
AMBAC FINANCIAL GROUP, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
 
 
Successor
 
 
Predecessor
 
 
Nine Months Ended September 30, 2017
 
 
 
 
 
 
 
Period from
May 1 through
December 31, 2013
 
 
Period from
Jan 1 through
April 30, 2013
 
 
 
Year Ended December 31,
 
 
 
($ in thousands, except ratios)
 
 
2016
 
2015
 
2014
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss)
 
$
(277,334
)
 
$
105,026

 
$
510,058

 
$
493,253

 
$
512,316

 
 
$
3,348,033

Fixed Charges
 
86,010

 
119,503

 
115,016

 
127,754

 
84,736

 
 
30,342

Earnings
 
$
(191,324
)
 
$
224,529

 
$
625,074

 
$
621,007

 
$
597,052

 
 
$
3,378,375

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
85,300

 
$
118,500

 
$
113,100

 
$
125,891

 
$
83,595

 
 
$
29,718

Portion of rental expense deemed to be interest
 
710

 
1,003

 
1,916

 
1,863

 
1,141

 
 
624

Fixed charges
 
$
86,010

 
$
119,503

 
$
115,016

 
$
127,754

 
$
84,736

 
 
$
30,342

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
*

 
1.9
x
 
5.4
x
 
4.9
x
 
7.0
x
 
 
111.3
x
* Earnings for the nine months ended September 30, 2017 were inadequate to cover fixed charges by $277,334.