EX-12.1 5 imh-20171231ex12110e814.htm EX-12.1 imh_Ex121_1

Exhibit 12.1

IMPAC MORTGAGE HOLDINGS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

(dollar amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 

 

    

2017

    

2016

    

2015

    

2014

    

2013

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings before income taxes

 

$

(11,383)

 

$

47,763

 

$

58,923

 

$

(5,017)

 

$

(9,079)

Fixed charges (as outlined below)

 

 

227,775

 

 

262,500

 

 

276,400

 

 

296,183

 

 

312,384

Total earnings as defined

 

$

216,392

 

$

310,263

 

$

335,323

 

$

291,166

 

$

303,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

225,987

 

 

260,810

 

 

274,853

 

 

294,521

 

 

310,477

Estimate of interest within rental expense

 

 

1,787

 

 

1,690

 

 

1,546

 

 

1,662

 

 

1,907

Total fixed charges

 

$

227,774

 

$

262,500

 

$

276,399

 

$

296,183

 

$

312,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges *

 

 

*

 

 

1.18

 

 

1.21

 

 

*

 

 

*

 

·

Earnings for the years ended December 31, 2017, 2014 and 2013 were insufficient to cover fixed charges by $11,382, $5,017 and $9,079, respectively.