Exhibit 12.1
AmTrust Financial Services, Inc.
Computation of Ratio of Earnings to Fixed Charges
Nine Months Ended September 30, 2011 | Year Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
| Pre-tax income from continuing operations before adjustment for income or loss from equity investees | $ | 153,196 | $ | 167,526 | $ | 131,514 | $ | 104,486 | $ | 127,598 | $ | 66,635 | ||||||||||||
| Fixed charges | 12,034 | 12,902 | 16,884 | 18,277 | 10,089 | 5,326 | ||||||||||||||||||
| Company share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | - | (1,288 | ) | (822 | ) | (991 | ) | (749 | ) | - | ||||||||||||||
| $ | 165,230 | $ | 179,140 | $ | 147,576 | $ | 121,772 | $ | 136,938 | $ | 71,961 | |||||||||||||
Less: | ||||||||||||||||||||||||
| Interest capitalized | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges | 6,753 | 3,875 | - | (2,900 | ) | (6,053 | ) | 244 | ||||||||||||||||
| 6,753 | 3,875 | - | (2,900 | ) | (6,053 | ) | 244 | |||||||||||||||||
| Total Earnings | $ | 140,981 | $ | 175,265 | $ | 147,576 | $ | 124,672 | $ | 142,991 | $ | 71,717 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness | $ | 12,034 | $ | 12,902 | $ | 16,884 | $ | 18,277 | $ | 10,089 | $ | 5,326 | ||||||||||||
Estimate of the interest within rental expense1 | - | - | - | - | - | - | ||||||||||||||||||
| Total Fixed Charges | $ | 12,034 | $ | 12,902 | $ | 16,884 | $ | 18,277 | $ | 10,089 | $ | 5,326 | ||||||||||||
| Ratio of Earnings to Fixed Charges | 11.7x | 13.6x | 8.7x | 6.8x | 14.2x | 13.5x | ||||||||||||||||||
1 Deemed to be immaterial