EX-12.1 2 ozrk-ex121_10.htm EX-12.1 ozrk-ex121_10.htm

Exhibit 12.1

Bank of the Ozarks, Inc.

Calculation of Ratio of Earnings to Fixed Charges

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

 

 

 

 

Three

Months

 

 

Nine

Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

September 30,

 

 

Years Ended December 31,

 

 

 

2015

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

 

2010

 

 

 

(Dollars in thousands)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income before income taxes

 

$

69,516

 

 

$

196,567

 

 

$

172,447

 

 

$

131,414

 

 

$

110,999

 

 

$

151,511

 

 

$

90,538

 

Fixed charges

 

 

7,221

 

 

 

19,750

 

 

 

21,225

 

 

 

18,831

 

 

 

21,825

 

 

 

30,645

 

 

 

34,584

 

Other

 

 

—

 

 

 

1

 

 

 

1

 

 

 

3

 

 

 

4

 

 

 

3

 

 

 

7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

 

(6

)

 

 

(22

)

 

 

(24

)

 

 

(24

)

 

 

(24

)

 

 

(24

)

 

 

(24

)

Noncontrolling interest of subsidiaries

 

 

3

 

 

 

55

 

 

 

(18

)

 

 

28

 

 

 

20

 

 

 

(18

)

 

 

(77

)

Earnings

 

$

76,734

 

 

$

216,351

 

 

$

193,631

 

 

$

150,252

 

 

$

132,824

 

 

$

182,117

 

 

$

125,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

4,634

 

 

$

12,088

 

 

$

8,566

 

 

$

6,103

 

 

$

8,982

 

 

$

11,686

 

 

$

20,047

 

FHLB advances and subordinated

   debentures

 

 

2,464

 

 

 

7,322

 

 

 

12,389

 

 

 

12,531

 

 

 

12,618

 

 

 

18,749

 

 

 

14,290

 

Interest capitalized

 

 

6

 

 

 

22

 

 

 

24

 

 

 

57

 

 

 

70

 

 

 

51

 

 

 

139

 

Estimated interest included within rental

   expense

 

 

117

 

 

 

318

 

 

 

246

 

 

 

140

 

 

 

155

 

 

 

159

 

 

 

108

 

Preferred dividend requirements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fixed charges

 

$

7,221

 

 

$

19,750

 

 

$

21,225

 

 

$

18,831

 

 

$

21,825

 

 

$

30,645

 

 

$

34,584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

   (including deposit interest)

 

 

10.63

 

 

 

10.95

 

 

 

9.12

 

 

 

8

 

 

 

6.09

 

 

 

5.94

 

 

 

3.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

   (excluding deposit interest)

 

 

29.66

 

 

 

28.24

 

 

 

15.30

 

 

$

12

 

 

 

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.