EX-12.1 3 a1q18form10-qexx121ratioof.htm EXHIBIT 12.1 Exhibit



Exhibit 12.1


DYNEX CAPITAL, INC.
Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
Three Months Ended
 
Year Ended December 31,
($ in thousands, except ratios)
March 31, 2018
 
2017
 
2016
 
2015
 
2014
 
2013
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
11,595

 
$
36,178

 
$
25,231

 
$
22,605

 
$
25,915

 
$
39,028

Preferred dividend requirements
2,940

 
10,794

 
9,185

 
9,176

 
9,176

 
7,902

Total
$
14,535

 
$
46,972

 
$
34,416

 
$
31,781

 
$
35,091

 
$
46,930

 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
44,307

 
$
33,893

 
$
43,099

 
$
16,544

 
$
27,806

 
$
68,069

Add:
 
 
 
 
 
 
 
 
 
 
 
Distributed income of equity method investee
—

 
—

 
1,316

 
—

 
—

 
721

Fixed charges, excluding preferred dividend requirements
11,595

 
36,178

 
25,231

 
22,605

 
25,915

 
39,028

Less: Equity in income of equity investee
—

 
—

 
(481
)
 
(835
)
 
—

 
(721
)
Total
$
55,902

 
$
70,071

 
$
69,165

 
$
38,314

 
$
53,721

 
$
107,097

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.82x
 
1.94x
 
2.74x
 
1.69x
 
2.07x
 
2.74x
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
3.85x
 
1.49x
 
2.01x
 
1.21x
 
1.53x
 
2.28x