Exhibit 12.1
United Insurance Holdings Corp.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Includes realized gains and losses | For the Nine Months Ended September 30, | For the Year Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Earnings before income taxes | $ | (26,899 | ) | $ | 7,003 | $ | 41,860 | $ | 64,410 | $ | 34,487 | $ | 15,714 | |||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized | 2,282 | 723 | 326 | 410 | 367 | 355 | ||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to debt | — | — | — | — | — | — | ||||||||||||||||||
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Interest within rental expense | 14 | 16 | 74 | 63 | 56 | 39 | ||||||||||||||||||
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Total fixed charges | $ | 2,296 | $ | 739 | $ | 400 | $ | 473 | $ | 423 | $ | 394 | ||||||||||||
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Earnings before income taxes and fixed charges | $ | (24,603 | ) | $ | 7,742 | $ | 42,260 | $ | 64,883 | $ | 34,910 | $ | 16,108 | |||||||||||
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Ratio of earnings to fixed charges | — | (1) | 10.47 | 105.71 | 137.28 | 82.56 | 40.89 | |||||||||||||||||
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(1) | For the nine months ended September 30, 2017, earnings were insufficient to cover fixed charges by $27.0 million. |
For purposes of calculating these ratios, earnings consist of pre-tax income from continuing operations and fixed charges. Fixed charges consist of interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to debt; and estimated interest within rental expense.
We did not have any preferred stock outstanding and we did not pay or accrue any preferred stock dividends during the periods presented above.