Bank OZK 10-Q 2015 Q2 Quarterly report

Exhibit 12.1

Bank of the Ozarks, Inc.

Calculation of Ratio of Earnings to Fixed Charges

The following table presents the calculation of the consolidated ratio of earnings to fixed charges for the periods presented.

	Three Months Ended June 30, 2015			Six Months Ended June 30, 2015			Years Ended December 31,
							2014			2013			2012			2011			2010
	(Dollars in thousands)
Earnings:
Add:
Net income before income taxes	$	68,994		$	127,051		$	172,447		$	131,414		$	110,999		$	151,511		$	90,538
Fixed charges		6,455			12,529			21,225			18,831			21,825			30,645			34,584
Other		—			1			1			3			4			3			7
Less:
Interest capitalized		(7	)		(16	)		(24	)		(24	)		(24	)		(24	)		(24	)
Noncontrolling interest of subsidiaries		28			52			(18	)		28			20			(18	)		(77	)
Earnings	$	75,470		$	139,617		$	193,631		$	150,252		$	132,824		$	182,117		$	125,028
Fixed Charges:
Interest expense:
Deposits	$	3,917		$	7,454		$	8,566		$	6,103		$	8,982		$	11,686		$	20,047
FHLB advances and subordinated debentures		2,429			4,858			12,389			12,531			12,618			18,749			14,290
Interest capitalized		7			16			24			57			70			51			139
Estimated interest included within rental expense		102			201			246			140			155			159			108
Preferred dividend requirements		—			—			—			—			—			—			—
Fixed charges	$	6,455		$	12,529		$	21,225		$	18,831		$	21,825		$	30,645		$	34,584
Ratio of Earnings to Fixed Charges (including deposit interest)		11.69			11.14			9.12			7.98			6.09			5.94			3.62
Ratio of Earnings to Fixed Charges (excluding deposit interest)		29.74			27.51			15.30			11.80			10.34			9.61			8.60

The ratio of earnings to fixed charges is computed in accordance with item 503 of Regulation S-K by dividing (1) income before income taxes, fixed charges and amortization of capitalized interest, less interest capitalized and noncontrolling interest in income of subsidiaries that have not incurred fixed charges by (2) total fixed charges. For purposes of computing this ratio:

• fixed charges, including interest on deposits, include all interest expense, interest capitalized and the estimated portion of rental expense attributable to interest, net of income from subleases; and

• fixed charges, excluding interest on deposits, include interest expense (other than on deposits), interest capitalized and the estimated portion of rental expense attributable to interest, net of income from subleases.