Ellington Financial (EFC) 10-K2015 FY Annual report

Filed: 11 Mar 16, 12:00am

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Removed: alter, clarifying, commence, conversion, customer, deviating, eleven, expansion, expired, foundational, hardest, hit, netted, notable, notwithstanding, overallotment, positively, rallied, rally, reached, segregation, spur, trend, withstand

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Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED SHARE DIVIDENDS

The following table sets forth our ratio of earnings to fixed charges and of earnings to combined fixed charges and preferred share dividends for each of the periods indicated:



	Fiscal Years Ended December 31,
	2015	2014	2013	2012	2011
Ratio of Earnings to Fixed Charges⁽¹⁾	4.2x	7.0x	8.2x	13.5x	2.6x
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends⁽¹⁾	4.2x	7.0x	8.2x	13.5x	2.6x


(1)	Fixed charges consist of interest expense for the fiscal years ended December 31, 2015, 2014, 2013, 2012, and 2011.

We computed the ratio of earnings to fixed charges by dividing earnings by fixed charges. We computed the ratio of earnings to combined fixed charges and preferred share dividends by dividing earnings by the sum of fixed charges and dividends on outstanding preferred shares. In each case, earnings represent increase (decrease) in shareholders' equity resulting from operations plus fixed charges and preferred share dividends, if any. Fixed charges include interest expense. During the periods presented in the table above, no preferred shares were outstanding.