EX-12.1 2 ladr123117ex-121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Ladder Capital Corp
Ratio of Earnings to Fixed Charges
($ in thousands)

 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) before taxes
 
$
133,591

 
$
120,040

 
$
160,691

 
$
124,231

 
$
192,463

Earnings from investment in unconsolidated joint ventures
 
(89
)
 
(426
)
 
(371
)
 
(1,990
)
 
(3,203
)
Distribution of income from unconsolidated joint ventures
 
—

 
1,017

 
294

 
1,957

 
3,894

Fixed charges
 
146,489

 
121,217

 
113,801

 
78,168

 
49,356

 
 
$
279,991

 
$
241,848

 
$
274,415

 
$
202,366

 
$
242,510

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
146,118

 
$
120,827

 
$
113,303

 
$
77,574

 
$
48,745

Operating lease rental expense (1)
 
371

 
390

 
498

 
594

 
611

 
 
$
146,489

 
$
121,217

 
$
113,801

 
$
78,168

 
$
49,356

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges:
 
1.91

 
2.00

 
2.41

 
2.59

 
4.91

 
(1)         Operating lease rental expense that is representative of the interest factor (generally presumed to be 1/3).