EX-12.1 3 d50233_ex12-1.txt CALCULATION OF RATIO Exhibit 12.1 BFC FINANCIAL CORPORATION CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands)
Years ended December 31, ------------------------------------------------------------- 2001 2000 1999 1998 1997 --------- --------- --------- --------- --------- Fixed charges: Interest $ 188,838 211,406 1,613 1,912 2,719 Eliminate Bancorp/BankAtlantic (187,599) (210,012) -- -- -- --------- --------- --------- --------- --------- 1,239 1,394 1,613 1,912 2,719 ========= ========= ========= ========= ========= Earnings (loss): Pretax earnings (loss) before minority interest, discontinued operations, extraordinary items and cumulative effect of change in accounting principle 48,364 23,035 11,434 (49) 12,988 Eliminate Bancorp/BankAtlantic (54,011) (27,704) (10,501) 1,397 (12,129) Eliminate other partnerships 4,111 1,795 -- -- -- Bancorp/BankAtlantic dividends 1,468 1,288 1,236 1,187 1,025 Fixed charges 1,239 1,394 1,613 1,912 2,719 --------- --------- --------- --------- --------- $ 1,171 (192) 3,782 4,447 4,603 ========= ========= ========= ========= ========= Ratio 0.95 (0.14) 2.34 2.33 1.69 ========= ========= ========= ========= ========= Coverage deficiency $ 68 1,586 -- -- -- ========= ========= ========= ========= =========
(1) The operations of Bancorp have been eliminated since there is a dividend restriction between Bancorp's primary subsidiary, BankAtlantic, and Bancorp.