EX-12.1 2 d901905dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Bank of the Ozarks, Inc.

Calculation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

The following table presents the calculation of the consolidated ratio of earnings to fixed charges for the periods presented.

 

     Three
Months
Ended
March 31,
2015		     For the Years Ended December 31,  
       2014     2013     2012     2011     2010  

Earnings:

             

Add:

             

Net income before income taxes

    $ 58,057      $ 172,447      $ 131,414      $ 110,999      $ 151,511      $ 90,538   

Fixed charges

      6,074        21,225        18,831        21,825        30,645        34,584   

Other

      —          1        3        4        3        7   

Less:

             

Interest capitalized

      (9 )      (24 )      (24 )      (24 )      (24 )      (24 ) 

Noncontrolling interest of subsidiaries

      24        (18 )      28        20        (18 )      (77 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

   64,164      193,631      150,252      132,824      182,117      125,028   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

Interest expense:

Deposits

   3,537      8,566      6,103      8,982      11,686      20,047   

FHLB advances and subordinated debentures

   2,429      12,389      12,531      12,618      18,749      14,290   

Interest capitalized

   9      24      57      70      51      139   

Estimated interest included within rental expense

   99      246      140      155      159      108   

Preferred dividend requirements

   —        —        —        —        —        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

   6,074      21,225      18,831      21,825      30,645      34,584   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges (including deposit interest)

   10.56      9.12      7.98      6.09      5.94      3.62   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges (excluding deposit interest)

   25.29      15.30      11.80      10.34      9.61      8.60   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The ratio of earnings to fixed charges is computed in accordance with item 503 of Regulation S-K by dividing (1) income before income taxes, fixed charges and amortization of capitalized interest, less interest capitalized and noncontrolling interest in income of subsidiaries that have not incurred fixed charges by (2) total fixed charges. For purposes of computing this ratio:

 

  •   fixed charges, including interest on deposits, include all interest expense, interest capitalized and the estimated portion of rental expense attributable to interest, net of income from subleases; and

 

  •   fixed charges, excluding interest on deposits, include interest expense (other than on deposits), interest capitalized and the estimated portion of rental expense attributable to interest, net of income from subleases.