Exhibit 12.1
GREENLIGHT CAPITAL RE, LTD. | ||||||||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||
Three Months Ended March 31, 2009 | Year Ended December 31, 2008 | Year Ended December 31, 2007 | Year Ended December 31, 2006 | Year Ended December 31, 2005 | Period from July 13, 2004 to December 31, 2004 | |||||||||||||||||||
(US$ thousands) | ||||||||||||||||||||||||
Earnings: Income before income taxes and non-controlling interest | 28,215 | (120,904 | ) | 35,325 | 56,999 | 26,265 | 6,775 | |||||||||||||||||
Add: fixed charges | 1,639 | 13,945 | 3,955 | 2,282 | 530 | 108 | ||||||||||||||||||
Earnings available for fixed charges | 29,854 | (106,959 | ) | 39,280 | 59,281 | 26,795 | 6,883 | |||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Assumed interest component of rent expense (1) | 71 | 32 | 30 | 30 | 12 | - | ||||||||||||||||||
Interest expense | 1,568 | 13,913 | 3,925 | 2,252 | 518 | 108 | ||||||||||||||||||
Total fixed charges | 1,639 | 13,945 | 3,955 | 2,282 | 530 | 108 | ||||||||||||||||||
Preferred share dividends | - | - | - | - | - | - | ||||||||||||||||||
Total fixed charges and preferred share dividends | 1,639 | 13,945 | 3,955 | 2,282 | 530 | 108 | ||||||||||||||||||
Ratio of earnings to fixed charges | 18.22 | -7.67 | 9.93 | 25.98 | 50.53 | 63.73 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred share dividends | 18.22 | -7.67 | 9.93 | 25.98 | 50.53 | 63.73 | ||||||||||||||||||
(1) | 33.3% of rental expense represents a reasonable approximation of the interest factor | |||||||||||||||||||||||