EX-12.1 3 a02-006ambcex121x3q201510q.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
AMBAC FINANCIAL GROUP, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
 
 
Successor
 
 
Predecessor
 
 
Nine Months Ended
 
 
 
Period from May 1
 
 
Period from January 1
 
 
 
 
 
 
 
Year Ended
 
through
 
 
through
 
Year Ended December 31,
(in Thousands, except ratios)
 
September 30,
2015
 
December 31,
2014
 
December 31,
2013
 
 
April 30,
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss)
 
$
114,482

 
$
493,253

 
$
512,316

 
 
$
3,348,033

 
$
(256,505
)
 
$
(1,882,949
)
Fixed Charges
 
85,638

 
127,754

 
84,736

 
 
30,342

 
107,724

 
122,324

Earnings
 
$
200,120

 
$
621,007

 
$
597,052

 
 
$
3,378,375

 
$
(148,781
)
 
$
(1,760,625
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
84,200

 
$
125,891

 
$
83,595

 
 
$
29,718

 
$
105,973

 
$
119,997

Portion of rental expense deemed to be interest
 
1,438

 
1,863

 
1,141

 
 
624

 
1,751

 
2,327

Fixed charges
 
$
85,638

 
$
127,754

 
$
84,736

 
 
$
30,342

 
$
107,724

 
$
122,324

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.3
x
 
4.9
x
 
7.0
x
 
 
111.3
x
 
 *

 
 *

*
Earning for the years ended December 31, 2012 and 2011 were inadequate to cover fixed charges by $256,505 and $1,882,949, respectively.