EX-12.1 2 g06100exv12w1.htm EX-12.1 RATIO OF EARNINGS TO FIXED CHARGES EX-12.1 Ratio of Earnings to Fixed Charges
 

Exhibit 12.1
BFC Financial Corporation
Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
                                         
    Years ended December 31,  
    2006     2005     2004     2003     2002  
Fixed charges:
                                        
Interest
   $ 166,608     $ 146,062     $ 88,901     $ 113,385     $ 151,878  
Eliminate BankAtlantic Bancorp and and Levitt
     (166,578 )     (144,980 )     (87,730 )     (112,222 )     (150,725 )
Pre tax 5% Preferred stock dividends
     1,221       1,221       638       —       —  
 
                              
 
   $ 1,251     $ 2,303     $ 1,809     $ 1,163     $ 1,153  
 
                              
 
                                        
Earnings (loss):
                                        
Income from continuing operations before income tax
   $ 12,179     $ 146,553     $ 173,326     $ 84,724     $ 54,956  
Eliminate BankAtlantic Bancorp and Levitt
     (19,043 )     (155,225 )     (174,890 )     (90,455 )     (59,311 )
Eliminate other partnerships
     67       (14 )     (4,114 )     3,213       1,427  
BankAtlantic Bancorp/BankAtlantic and Levitt dividends
     2,350       2,191       1,925       1,686       1,581  
Fixed charges
     1,251       2,303       1,809       1,163       1,153  
5% Preferred stock dividends
     (750 )     (750 )     (392 )     —       —  
 
                              
 
   $ (3,946 )   $ (4,942 )   $ (2,336 )   $ 331     $ (194 )
 
                              
 
                                        
Ratio
     —       —       —       0.28       —  
 
                              
Coverage deficiency
   $ 5,197     $ 7,245     $ 4,145     $ —     $ 1,347