EX-12.1 4 a2235240zex-12_1.htm EX-12.1

Exhibit 12.1

 

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Statement of Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

 

 

 

Years Ended December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations, pretax

 

$

110,867,286

 

$

63,305,893

 

$

53,428,814

 

$

93,048,490

 

$

21,298,737

 

Add (Subtract):

 

 

 

 

 

 

 

 

 

 

 

(Income) loss from Equity Affiliates

 

2,950,587

 

(12,994,607

)

(12,300,516

)

(248,658

)

204,475

 

Distributions from Equity Affiliates

 

7,459,695

 

16,006,905

 

5,622,944

 

9,256,730

 

176,777

 

Fixed charges

 

90,071,975

 

63,941,178

 

50,624,510

 

49,238,543

 

43,544,166

 

Income before fixed charges

 

$

211,349,543

 

$

130,259,369

 

$

97,375,752

 

$

151,295,105

 

$

65,224,155

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

90,071,975

 

$

63,941,178

 

$

50,624,510

 

$

49,238,543

 

$

43,544,166

 

Total fixed charges

 

$

90,071,975

 

$

63,941,178

 

$

50,624,510

 

$

49,238,543

 

$

43,544,166

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.3

 

2.0

 

1.9

 

3.1

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

Item 503:

 

(C) Earnings. The term “earnings” is the amount resulting from adding and subtracting the following items. Add the following: (a) pre-tax income from continuing operations before adjustment for income or loss from equity investees; (b) fixed charges; (c) amortization of capitalized interest; (d) distributed income of equity investees; and (e) your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges. From the total of the added items, subtract the following: (a) interest capitalized; (b) preference security dividend requirements of consolidated subsidiaries; and (c) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. Equity investees are investments that you account for using the equity method of accounting. Public utilities following FASB ASC Topic 980, Regulated Operations, should not add amortization of capitalized interest in determining earnings, nor reduce fixed charges by any allowance for funds used during construction.