Exhibit 12.1
AmTrust Financial Services, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(Amounts in Thousands)
| Six Months | ||||||||||||||||||||||||
| Ended | Year Ended December 31, | |||||||||||||||||||||||
| June 30, 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pretax income from continuing operations before adjustment for income or loss from equity investees | $ | 311,053 | $ | 552,462 | $ | 471,933 | $ | 379,249 | $ | 196,857 | $ | 171,259 | ||||||||||||
Fixed charges | 41,813 | 57,203 | 48,458 | 34,691 | 28,508 | 16,709 | ||||||||||||||||||
Company share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | ||||||||||||||||||
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| $ | 352,866 | $ | 609,665 | $ | 520,391 | $ | 413,940 | $ | 225,365 | $ | 187,968 | |||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Non-controlling interest in pre-tax income (loss) of subsidiaries that have not incurred fixed charges | 9,834 | 6,928 | (416 | ) | (1,633 | ) | 6,873 | 20,730 | ||||||||||||||||
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| 9,834 | 6,928 | (416 | ) | (1,633 | ) | 6,873 | 20,730 | |||||||||||||||||
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Total Earnings | $ | 343,032 | $ | 602,737 | $ | 520,807 | $ | 415,573 | $ | 218,492 | $ | 167,238 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness | $ | 41,813 | $ | 57,203 | $ | 48,458 | $ | 34,691 | $ | 28,508 | $ | 16,709 | ||||||||||||
Expense of the interest within rental expense(1) | — | — | — | — | — | — | ||||||||||||||||||
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Total Fixed Charges | $ | 41,813 | $ | 57,203 | $ | 48,458 | $ | 34,691 | $ | 28,508 | $ | 16,709 | ||||||||||||
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Preferred Stock Dividends: | ||||||||||||||||||||||||
Preferred dividends | $ | 20,367 | $ | 31,590 | $ | 12,738 | $ | 3,989 | $ | — | $ | — | ||||||||||||
Preferred dividends grossed up to a pre-income tax basis | 31,334 | 48,600 | 19,597 | 6,137 | — | — | ||||||||||||||||||
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Total combined fixed charges and preferred dividends | $ | 73,147 | $ | 105,803 | $ | 68,055 | $ | 40,828 | $ | 28,508 | $ | 16,709 | ||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 4.7 | 5.7 | 7.7 | 10.2 | 7.7 | 10.0 | ||||||||||||||||||
| (1) | Deemed to be immaterial |