EX-12.1 2 a121june18.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

 Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)


 
For the Six Months Ended June 30,
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Pretax income from operations
$
60,745

 
$
91,922

 
$
70,655

 
$
82,548

 
$
142,586

 
$
69,694

Fixed charges (1)
30,198

 
46,436

 
32,115

 
27,680

 
25,094

 
20,949

Income from unconsolidated entities
(4,155
)
 
(11,921
)
 
(13,055
)
 
(7,865
)
 
(4,562
)
 
(2,297
)
Distributions of income from unconsolidated entities
380

 
7,628

 
7,509

 
5,392

 
2,238

 
2,112

(Income) loss attributable to non-controlling interest in consolidated variable interest entities
(1,526
)
 
3,413

 
(9
)
 

 

 

Total Earnings
$
85,642

 
$
137,478

 
$
97,215

 
$
107,755

 
$
165,356

 
$
90,458

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
$
30,198

 
$
46,436

 
$
32,115

 
$
27,680

 
$
25,094

 
$
20,949

Total Fixed Charges
30,198

 
46,436

 
32,115

 
27,680

 
25,094

 
20,949

Preferred stock dividends
11,850

 
15,660

 
12,900

 
10,990

 
5,812

 
3,568

Total Combined Fixed Charges and Preferred Stock Dividends
$
42,048

 
$
62,096

 
$
45,015

 
$
38,670

 
$
30,906

 
$
24,517

Ratio of earnings to fixed charges
2.84

 
2.96

 
3.03

 
3.89

 
6.59

 
4.32

Ratio of earnings to combined fixed charges and preferred stock dividends
2.04

 
2.21

 
2.16

 
2.79

 
5.35

 
3.69

Deficiency related to ratio of earnings to fixed charges
NA

 
NA

 
NA

 
NA

 
NA

 
NA

Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends
NA

 
NA

 
NA

 
NA

 
NA

 
NA



(1) 
Excludes interest expense on multi-family collateralized debt obligations of the Consolidated K-Series, which we are required to consolidate in our financial statements under generally accepted accounting principles. We do not have any claims to the assets (other than the securities represented by our first loss pieces) or obligations for the liabilities of the Consolidated K-Series.