Exhibit 12.2
HATTERAS FINANCIAL CORP.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands.)
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| Quarters Ended March 31 |
| Years Ended December 31 |
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| 2016 |
| 2015 |
| 2015 |
| 2014 |
| 2013 (3) |
| 2012 |
| 2011 |
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Computation of ratio of net income to fixed charges |
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Fixed charges (1) |
| 45,411 |
| 42,792 |
| 163,907 |
| 166,315 |
| 204,366 |
| 197,064 |
| 144,662 |
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Fixed charges (1) |
| 45,411 |
| 42,792 |
| 163,907 |
| 166,315 |
| 204,366 |
| 197,064 |
| 144,662 |
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Net income |
| (71,165 | ) | (34,535 | ) | 51,620 |
| 56,361 |
| (134,136 | ) | 349,245 |
| 284,373 |
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|
| (25,754 | ) | 8,257 |
| 215,527 |
| 222,676 |
| 70,230 |
| 546,309 |
| 429,035 |
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Ratio of earnings to fixed charges |
| (0.57 | ) | 0.19 |
| 1.31 |
| 1.34 |
| 0.34 |
| 2.77 |
| 2.97 |
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Computation of ratio of net income to combined fixed charges and preferred stock dividends: |
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Fixed charges (1) |
| 45,411 |
| 42,792 |
| 163,907 |
| 166,315 |
| 204,366 |
| 197,064 |
| 144,662 |
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Preferred stock dividends (2) |
| 5,480 |
| 5,481 |
| 21,922 |
| 21,922 |
| 21,922 |
| 7,551 |
| — |
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Combined fixed charges and preferred stock dividends |
| 50,891 |
| 48,273 |
| 185,829 |
| 188,237 |
| 226,288 |
| 204,615 |
| 144,662 |
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Combined fixed charges and preferred stock dividends |
| 50,891 |
| 48,273 |
| 185,829 |
| 188,237 |
| 226,288 |
| 204,615 |
| 144,662 |
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Net income |
| (71,165 | ) | (34,535 | ) | 51,620 |
| 56,361 |
| (134,136 | ) | 349,245 |
| 284,373 |
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|
| (20,274 | ) | 13,738 |
| 237,449 |
| 244,598 |
| 92,152 |
| 553,860 |
| 429,035 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| (0.40 | ) | 0.28 |
| 1.28 |
| 1.3 |
| 0.41 |
| 2.71 |
| 2.97 |
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(1)Fixed charges consist of interest expense on all indebtedness, including interest rate swaps and maturities of Eurodollar Futures Contracts.
(2)No preferred stock was outstanding during 2011.
(3)Earnings for the quarters ended March 31, 2016 and 2015 and for the year ended December 31, 2013 were inadequate to cover fixed charges and preferred stock dividends by $71,165, $34,535 and $134,136, respectively.