Exhibit 12.01

Arlington Asset Investment Corp.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,
	2011		2010		2009		2008			2007
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees	$	16,753	$	27,087	$	140,981	$	(303,203	)	$	(660,724	)
Distributed income of equity investees		266		222		326		7,355			1,933
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		2,508		1,155		3,645		72,751			472,100
Rentals		58		54		77		251			2,316
Total fixed charges	$	2,566	$	1,209	$	3,722	$	73,002		$	474,416
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees plus fixed charges and distributed income of equity investees	$	19,585	$	28,518	$	145,029	$	(222,846	)	$	(184,375	)
Ratio of earnings to fixed charges		7.6		23.6		39.0	(A		)	(A		)

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(A) Due to the Company’s losses in 2008 and 2007, the ratio coverage in these years was less than 1:1. The Company would have had to generate additional earnings of $295,848 and $658,791, respectively, to achieve coverage of 1:1 in those years.