EX-12.1 5 clny2016q210-qexhibit121xr.htm EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS Exhibit


Exhibit 12.1
COLONY FINANCIAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(In thousands, except ratios)

 
 
Six Months Ended June 30, 2016
 
Year Ended December 31,
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes before adjustment for noncontrolling interests and income from equity method investees
 
$
141,169

 
$
199,135

 
$
83,483

 
$
25,874

 
$
1,633

 
$
(2,356
)
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
84,439

 
133,094

 
48,365

 
18,838

 
8,248

 
3,011

Distributed income of equity investees
 
36,432

 
66,418

 
74,948

 
101,874

 
64,839

 
25,959

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interests in pre-tax income of consolidated subsidiaries with no fixed charges
 
(118,231
)
 
(103,018
)
 
(27,529
)
 
(17,018
)
 
(1,976
)
 
(1,095
)
Earnings
 
$
143,809

 
$
295,629

 
$
179,267

 
$
129,568

 
$
72,744

 
$
25,519

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preferred Dividends:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
84,439

 
$
133,094

 
$
48,365

 
$
18,838

 
$
8,248

 
$
3,011

Preferred dividends (1)
 
23,973

 
42,569

 
24,870

 
21,420

 
13,915

 
—

Combined fixed charges and preferred dividends
 
$
108,412

 
$
175,663

 
$
73,235

 
$
40,258

 
$
22,163

 
$
3,011

Ratio of Earnings to Fixed Charges
 
1.7
x
 
2.2
x
 
3.7
x
 
6.9
x
 
8.8
x
 
8.5
x
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
1.3
x
 
1.7
x
 
2.4
x
 
3.2
x
 
3.3
x
 
8.5
x
____________
(1)     The Company did not have any outstanding shares of preferred stock for the year ended December 31, 2011.