EX-12.2 7 a2228068zex-12_2.htm EX-12.2

Exhibit 12.2

 

Starwood Property Trust, Inc.
Statement of Computation of Ratios of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)

 

 

 

For the Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

188,376

 

$

149,315

 

$

101,870

 

$

41,456

 

$

25,002

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

Amortization of premiums and discounts

 

—

 

—

 

—

 

—

 

—

 

Amortization of capitalized expenses relating to debt

 

14,174

 

11,789

 

9,933

 

5,669

 

3,780

 

Interest within rental expense

 

—

 

—

 

—

 

—

 

—

 

Preferred security dividend requirements in consolidated subsidiaries

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges

 

$

202,550

 

$

161,104

 

$

111,803

 

$

47,125

 

$

28,782

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations before equity investees

 

$

428,712

 

$

485,874

 

$

322,787

 

$

202,298

 

$

120,349

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

202,550

 

161,104

 

111,803

 

47,125

 

28,782

 

Amortization of capitalized interest

 

—

 

—

 

—

 

—

 

—

 

Distributed income of equity investees

 

19,879

 

11,528

 

5,304

 

1,692

 

1,049

 

Income from equity investees arising from guarantees

 

—

 

—

 

—

 

—

 

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

Preference security dividend requirements of consolidated subsidiaries

 

—

 

—

 

—

 

—

 

—

 

The non-controlling interest in pre-tax subsidiaries that have not incurred fixed charges

 

1,486

 

5,517

 

5,300

 

2,487

 

1,231

 

Earnings

 

$

649,655

 

$

652,989

 

$

434,594

 

$

248,628

 

$

148,949

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends1

 

3.21

 

4.05

 

3.89

 

5.28

 

5.18

 

 

1              We have not issued any preferred stock as of the date of this prospectus, and therefore there are no preferred stock dividends included in our calculation of ratios of earnings to combined fixed charges and preferred stock dividends.