Exhibit 12.1
AmTrust Financial Services, Inc.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Amounts in Thousands)
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Pretax income from continuing operations before adjustment for income or loss from equity investees | $ | 471,933 | $ | 379,249 | $ | 196,857 | $ | 171,259 | $ | 178,238 | ||||||||||
Fixed charges | 48,458 | 34,691 | 28,508 | 16,709 | 12,902 | |||||||||||||||
Company share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | (1,288 | ) | ||||||||||||||
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$ | 520,391 | $ | 413,940 | $ | 225,365 | $ | 187,968 | $ | 189,852 | |||||||||||
Less: | ||||||||||||||||||||
Interest capitalized | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Non-controlling interest in pre-tax (loss) income of subsidiaries that have not incurred fixed charges | (416 | ) | (1,633 | ) | 6,873 | 20,730 | 5,109 | |||||||||||||
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(416 | ) | (1,633 | ) | 6,873 | 20,730 | 5,109 | ||||||||||||||
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Total Earnings | $ | 520,807 | $ | 415,573 | $ | 218,492 | $ | 167,238 | $ | 184,743 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness | 48,458 | 34,691 | 28,508 | 16,709 | 12,902 | |||||||||||||||
Expense of the interest within rental expense(1) | — | — | — | — | — | |||||||||||||||
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Total Fixed Charges | $ | 48,458 | $ | 34,691 | $ | 28,508 | $ | 16,709 | $ | 12,902 | ||||||||||
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Preferred Stock Dividends: | ||||||||||||||||||||
Preferred dividends | 12,738 | 3,989 | — | — | — | |||||||||||||||
Preferred dividends grossed up to a pre-income tax basis | 19,597 | 6,137 | — | — | — | |||||||||||||||
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Total combined fixed charges and preferred dividends | $ | 68,055 | $ | 40,828 | $ | 28,508 | $ | 16,709 | $ | 12,902 | ||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 7.7 | 10.2 | 7.7 | 10.0 | 14.3 |
(1) | Deemed to be immaterial |