ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Statement of Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
|
| Three Months Ended |
| Years Ended December 31, |
| ||||||||||||||
|
| March 31, 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income from continuing operations, pretax |
| $ | 28,284,076 |
| $ | 110,867,286 |
| $ | 63,305,893 |
| $ | 53,428,814 |
| $ | 93,048,490 |
| $ | 21,298,737 |
|
Add (Subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(Income) loss from equity affiliates |
| (745,787 | ) | 2,950,587 |
| (12,994,607 | ) | (12,300,516 | ) | (248,658 | ) | 204,475 |
| ||||||
Distributions from equity affiliates |
| 3,233,846 |
| 7,459,695 |
| 16,006,905 |
| 5,622,944 |
| 9,256,730 |
| 176,777 |
| ||||||
Fixed charges |
| 33,386,810 |
| 90,071,975 |
| 63,941,178 |
| 50,624,510 |
| 49,238,543 |
| 43,544,166 |
| ||||||
Income before fixed charges |
| $ | 64,158,945 |
| $ | 211,349,543 |
| $ | 130,259,369 |
| $ | 97,375,752 |
| $ | 151,295,105 |
| $ | 65,224,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| $ | 33,386,810 |
| $ | 90,071,975 |
| $ | 63,941,178 |
| $ | 50,624,510 |
| $ | 49,238,543 |
| $ | 43,544,166 |
|
Total fixed charges |
| $ | 33,386,810 |
| $ | 90,071,975 |
| $ | 63,941,178 |
| $ | 50,624,510 |
| $ | 49,238,543 |
| $ | 43,544,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of earnings to fixed charges |
| 1.9 |
| 2.3 |
| 2.0 |
| 1.9 |
| 3.1 |
| 1.5 |
|
Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(Unaudited)
|
| Three Months Ended |
| Years Ended December 31, |
| ||||||||||||||
|
| March 31, 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income from continuing operations, pretax |
| $ | 28,284,076 |
| $ | 110,867,286 |
| $ | 63,305,893 |
| $ | 53,428,814 |
| $ | 93,048,490 |
| $ | 21,298,737 |
|
Add (Subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(Income) loss from equity affiliates |
| (745,787 | ) | 2,950,587 |
| (12,994,607 | ) | (12,300,516 | ) | (248,658 | ) | 204,475 |
| ||||||
Distributions from equity affiliates |
| 3,233,846 |
| 7,459,695 |
| 16,006,905 |
| 5,622,944 |
| 9,256,730 |
| 176,777 |
| ||||||
Fixed charges |
| 33,386,810 |
| 90,071,975 |
| 63,941,178 |
| 50,624,510 |
| 49,238,543 |
| 43,544,166 |
| ||||||
Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Income before fixed charges |
| $ | 64,158,945 |
| $ | 211,349,543 |
| $ | 130,259,369 |
| $ | 97,375,752 |
| $ | 151,295,105 |
| $ | 65,224,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| $ | 33,386,810 |
| $ | 90,071,975 |
| $ | 63,941,178 |
| $ | 50,624,510 |
| $ | 49,238,543 |
| $ | 43,544,166 |
|
Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Preferred stock dividends |
| 1,892,795 |
| 7,568,186 |
| 7,568,261 |
| 7,568,179 |
| 7,270,953 |
| 4,521,083 |
| ||||||
Total fixed charges |
| $ | 35,279,605 |
| $ | 97,640,161 |
| $ | 71,509,439 |
| $ | 58,192,689 |
| $ | 56,509,496 |
| $ | 48,065,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of earnings to fixed charges |
| 1.8 |
| 2.2 |
| 1.8 |
| 1.7 |
| 2.7 |
| 1.4 |
|