Exhibit 12.1
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends and Ratio of Earnings to Fixed Charges
(Unaudited)
For the Three
| For the Years Ended December 31,
| |||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Ratio of earnings to fixed charges: | ||||||||||||||||||||||||||||
Fixed charges (interest expense)(1) | $ | 415,581 | $ | 302,581 | $ | 1,379,462 | $ | 1,164,433 | $ | 1,096,091 | $ | 1,338,019 | $ | 1,533,008 | ||||||||||||||
Net income (loss) available (attributable) to common shareholders before income taxes(2) | 1,294,502 | 417,912 | 1,466,363 | 1,348,931 | 391,825 | (908,922 | ) | 3,665,943 | ||||||||||||||||||||
Earnings as adjusted | $ | 1,710,083 | $ | 720,493 | $ | 2,845,825 | $ | 2,513,364 | $ | 1,487,916 | $ | 429,097 | $ | 5,198,951 | ||||||||||||||
Ratio of earnings to fixed charges | 4.11 | 2.38 | 2.06 | 2.16 | 1.36 | 0.32 | 3.39 | |||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends: | ||||||||||||||||||||||||||||
Fixed charges (interest expense)(1) | $ | 415,581 | $ | 302,581 | $ | 1,379,462 | $ | 1,164,433 | $ | 1,096,091 | $ | 1,338,019 | $ | 1,533,008 | ||||||||||||||
Preferred stock dividend | 33,766 | 23,473 | 109,635 | 82,260 | 71,968 | 71,968 | 71,968 | |||||||||||||||||||||
Combined fixed charges and preferred stock dividends | 449,347 | 326,054 | 1,489,097 | 1,246,693 | 1,168,059 | 1,409,987 | 1,604,976 | |||||||||||||||||||||
Net income (loss) available (attributable) to common shareholders before income taxes(2) | $ | 1,294,502 | $ | 417,912 | 1,466,363 | 1,348,931 | 391,825 | (908,922 | ) | 3,665,943 | ||||||||||||||||||
Earnings as adjusted | $ | 1,743,849 | $ | 743,966 | $ | 2,955,460 | $ | 2,595,624 | $ | 1,559,884 | $ | 501,065 | $ | 5,270,919 | ||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 3.88 | 2.28 | 1.98 | 2.08 | 1.34 | 0.36 | 3.28 | |||||||||||||||||||||
(1) Fixed charges include realized gains (losses) on interest rate swaps.
(2) Includes unrealized gains (losses) on investments and/or derivatives.