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Exhibit 12.01
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Years Ended December 31, | |||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees | $ | (87,952 | ) | $ | (144,289 | ) | $ | 399,536 | $ | 225,165 | $ | 42,229 | |||||
Distributed income of equity investees | 5,097 | 32,334 | 2,141 | 553 | 14,089 | ||||||||||||
Fixed charges: | |||||||||||||||||
Interest expense and amortization of debt discount and premium on all indebtedness | 611,800 | 546,313 | 164,156 | 68,995 | 2,073 | ||||||||||||
Rentals: 33.33% of Equipment and office rent expense | 7,301 | 6,057 | 2,798 | 1,719 | 1,692 | ||||||||||||
Total fixed charges | $ | 619,101 | $ | 552,370 | $ | 166,954 | $ | 70,714 | $ | 3,765 | |||||||
Pre-tax income (loss) from continuing operations before adjustments for income or loss from equity investees plus fixed charges and distributed income of equity investees | $ | 536,246 | $ | 440,415 | $ | 568,631 | $ | 296,432 | $ | 60,083 | |||||||
Ratio of earnings to fixed charges | (A | ) | (A | ) | 3.4 | 4.2 | 16.0 |
(A) | Due to the company’s losses in 2006 and 2005, the ratio coverage in these years was less than 1:1. The company would have had to generate additional earnings of $82,855 and $111,955, respectively, to achieve coverage of 1:1 in those years. |