Bank OZK 10-Q 2016 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,			Six Months Ended June 30,			Years Ended December 31,
	2016			2016			2015			2014			2013			2012			2011
	(Dollars in thousands)
Earnings:
Add:
Net income before income taxes	$	86,009		$	168,687		$	276,769		$	172,447		$	131,414		$	110,999		$	151,511
Fixed charges		12,022			21,375			28,041			21,225			18,831			21,825			30,645
Other		—			1			2			1			3			4			3
Less:
Interest capitalized		(6	)		(15	)		(30	)		(24	)		(24	)		(24	)		(24	)
Noncontrolling interest of subsidiaries		21			28			61			(18	)		28			20			(18	)
Earnings	$	98,046		$	190,076		$	304,843		$	193,631		$	150,252		$	132,824		$	182,117
Fixed Charges:
Interest expense:
Deposits	$	10,214		$	18,063		$	17,716		$	8,566		$	6,103		$	8,982		$	11,686
FHLB advances, subordinated notes and    subordinated debentures		1,677			3,052			9,852			12,389			12,531			12,618			18,749
Interest capitalized		6			15			30			24			57			70			51
Estimated interest included within rental    expense		125			245			443			246			140			155			159
Preferred dividend requirements		—			—			—			—			—			—			—
Fixed charges	$	12,022		$	21,375		$	28,041		$	21,225		$	18,831		$	21,825		$	30,645
Ratio of Earnings to Fixed Charges    (including deposit interest)		8.16			8.89			10.87			9.12			7.98			6.09			5.94
Ratio of Earnings to Fixed Charges    (excluding deposit interest)		48.58			51.94			27.81			14.62			11.33			9.64			8.99

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.