EX-12.1 2 a02-015ambcex121x2q1810q.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
AMBAC FINANCIAL GROUP, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
 
 
Six Months Ended June 30, 2018
 
 
 
Year Ended December 31,
($ in thousands, except ratios)
 
 
2017
 
2016
 
2015
 
2014
Earnings:
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss)
 
$
314,617

 
$
(284,251
)
 
$
105,026

 
$
510,058

 
$
493,253

Fixed Charges
 
109,387

 
114,306

 
119,503

 
115,016

 
127,754

Earnings
 
$
424,004

 
$
(169,945
)
 
$
224,529

 
$
625,074

 
$
621,007

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
109,000

 
$
113,400

 
$
118,500

 
$
113,100

 
$
125,891

Portion of rental expense deemed to be interest
 
387

 
906

 
1,003

 
1,916

 
1,863

Fixed charges
 
$
109,387

 
$
114,306

 
$
119,503

 
$
115,016

 
$
127,754

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
3.9
x
 
*

 
1.9
x
 
5.4
x
 
4.9
x
*
Earnings were inadequate to cover fixed charges by $284,251 for the year ended December 31, 2017.