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Content analysis
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H.S. sophomore Avg
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Exhibit 12.1
IMPAC MORTGAGE HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(dollar amounts in thousands)
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| For the year ended December 31, | |||||||||||||
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| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 | |||||
Earnings |
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(Loss) earnings before income taxes |
| $ | (11,383) |
| $ | 47,763 |
| $ | 58,923 |
| $ | (5,017) |
| $ | (9,079) |
Fixed charges (as outlined below) |
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| 227,775 |
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| 262,500 |
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| 276,400 |
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| 296,183 |
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| 312,384 |
Total earnings as defined |
| $ | 216,392 |
| $ | 310,263 |
| $ | 335,323 |
| $ | 291,166 |
| $ | 303,305 |
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Fixed Charges |
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Interest |
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| 225,987 |
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| 260,810 |
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| 274,853 |
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| 294,521 |
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| 310,477 |
Estimate of interest within rental expense |
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| 1,787 |
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| 1,690 |
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| 1,546 |
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| 1,662 |
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| 1,907 |
Total fixed charges |
| $ | 227,774 |
| $ | 262,500 |
| $ | 276,399 |
| $ | 296,183 |
| $ | 312,384 |
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Ratio of earnings to fixed charges * |
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| 1.18 |
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| 1.21 |
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| * |
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| * |
· | Earnings for the years ended December 31, 2017, 2014 and 2013 were insufficient to cover fixed charges by $11,382, $5,017 and $9,079, respectively. |