EX-12.1 3 a02-010ambcex121x3q201610q.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
AMBAC FINANCIAL GROUP, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
 
 
Successor
 
 
Predecessor
 
 
Nine Months Ended
 
Year Ended December 31,
 
Period from May 1 through
 
 
Period from Jan 1 through
 
Year Ended
 
 
 
 
 
 
 
($ in thousands, except ratios)
 
September 30,
2016
 
2015
 
2014
 
December 31, 2013
 
 
April 30, 2013
 
December 31, 2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss)
 
$
191,085

 
$
510,058

 
$
493,253

 
$
512,316

 
 
$
3,348,033

 
$
(256,505
)
Fixed Charges
 
88,951

 
115,016

 
127,754

 
84,736

 
 
30,342

 
107,724

Earnings
 
$
280,036

 
$
625,074

 
$
621,007

 
$
597,052

 
 
$
3,378,375

 
$
(148,781
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
88,200

 
$
113,100

 
$
125,891

 
$
83,595

 
 
$
29,718

 
$
105,973

Portion of rental expense deemed to be interest
 
751

 
1,916

 
1,863

 
1,141

 
 
624

 
1,751

Fixed charges
 
$
88,951

 
$
115,016

 
$
127,754

 
$
84,736

 
 
$
30,342

 
$
107,724

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
3.1
x
 
5.4
x
 
4.9
x
 
7.0
x
 
 
111.3
x
 
 *

*
Earning for the year ended December 31, 2012 were inadequate to cover fixed charges by $256,505.