AGNC Investment (AGNC) 10-K 2013 Q4 Annual report

Exhibit 12.1

Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

The following table sets forth the calculation of our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown (in millions):

	Fiscal Year
	2013		2012		2011		2010		2009
Ratio of earnings to fixed charges:
Fixed charges 1	$	536	$	512	$	285	$	76	$	44
Net income available to common shareholders before provision for income taxes	1,258		1,286		776		288		119
Earnings	$	1,794	$	1,798	$	1,061	$	364	$	163
Ratio of earnings to fixed charges	3.35		3.51		3.72		4.79		3.70
Ratio of earnings to combined fixed charges and preferred stock dividends:
Fixed charges 1	$	536	$	512	$	285	$	76	$	44
Preferred stock dividends 2	14		10		—		—		—
Combined fixed charges and preferred stock dividends	550		522		285		76		44
Net income available to common shareholders before provision for income taxes	1,258		1,286		776		288		119
Earnings	$	1,808	$	1,808	$	1,061	$	364	$	163
Ratio of earnings to combined fixed charges and preferred stock dividends	3.29		3.46		3.72		4.79		3.70

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1. Fixed charges consist of interest expense on all indebtedness.

2. No preferred stock was outstanding during fiscal years 2011, 2010 and 2009.