ACRES Commercial Realty (ACR) 10-Q 2016 Q2 Quarterly report

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS
	Six Months Ended			Year Ended		Year Ended		Year Ended		Year Ended
	June 30,			December 31,		December 31,		December 31,		December 31,
	2016			2015		2014		2013		2012
	(unaudited)
Earnings:
Pretax income (loss) from continuing operations	$	15,673,518		$	12,300,467	$	58,990,678	$	45,411,712	$	79,045,303
Fixed charges	34,424,795			65,690,634		45,508,411		61,038,847		42,809,788
Total earnings before fixed charges and preferred shares	$	50,098,313		$	77,991,101	$	104,499,089	$	106,450,559	$	121,855,091
Fixed Charges:
Interest (expensed and capitalized)	$	27,348,005		$	56,308,779	$	38,430,444	$	52,518,198	$	38,027,275
Amortized premiums, discounts      and capitalized expenses related to indebtedness	7,059,151			9,344,049		7,042,845		8,491,437		4,765,109
Estimate of interest within rental expenses	17,639			37,806		35,122		29,212		17,404
Total fixed charges	$	34,424,795		$	65,690,634	$	45,508,411	$	61,038,847	$	42,809,788
Preferred stock dividend	$	12,062,352		$	24,437,458	$	17,175,869	$	7,221,041	$	1,243,971
Carrying value in excess of consideration paid for preferred shares	$	(1,500,190	)	$	—	$	—	$	—	$	—
Ratio of earnings to combined fixed charges (1)	1.46			1.19		2.30		1.74		2.85
Ratio of earnings to combined fixed charges   and preferred stock dividends (1)	1.11			0.87		1.67		1.56		2.77

(1) The Company did not have any shares of preferred stock outstanding until June 2012 and paid its first preferred stock dividend in July 2012.