EX-12.1 3 a01-005ex121x4q1610k.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
AMBAC FINANCIAL GROUP, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
 
 
Successor Ambac
 
 
Predecessor
 
 
 
 
 
 
 
 
Period from May 1
 
 
Period from Jan 1
 
 
 
 
Year Ended December 31,
 
through
 
 
through
 
Year Ended
($ in thousands, except ratios)
 
2016
 
2015
 
2014
 
December 31,
2013
 
 
April 30,
2013
 
December 31,
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss)
 
$
105,026

 
$
510,058

 
493,253

 
$
512,316

 
 
$
3,348,033

 
$
(256,505
)
Fixed Charges
 
119,503

 
115,016

 
127,754

 
84,736

 
 
30,342

 
107,724

Earnings
 
$
224,529

 
$
625,074

 
621,007

 
$
597,052

 
 
$
3,378,375

 
$
(148,781
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
118,500

 
$
113,100

 
125,891

 
$
83,595

 
 
$
29,718

 
$
105,973

Portion of rental expense deemed to be interest
 
1,003

 
1,916

 
1,863

 
1,141

 
 
624

 
1,751

Fixed charges
 
$
119,503

 
$
115,016

 
127,754

 
$
84,736

 
 
$
30,342

 
$
107,724

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.9
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.