Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
Nine Months Ended September 30, | Year Ended December 31, | For the Period from July 9, 2007 through December 31 | ||||||||||||||||||||||
(dollars in thousands) | 2012 | 2011 (1) | 2010 (1) | 2009 (1) | 2008 (1) | 2007 (1) | ||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 105,597 | $ | (9,442 | ) | $ | 6,537 | $ | (2,350 | ) | $ | 487 | $ | 867 | ||||||||||
Additional fixed charge (interest expense) | $ | 38,222 | $ | 11,856 | $ | 1,207 | $ | 14 | $ | - | $ | - | ||||||||||||
Preferred dividends | $ | 964 | $ | - | $ | - | $ | - | - | $ | - | |||||||||||||
Earnings adjusted | $ | 143,819 | $ | 2,414 | $ | 7,744 | $ | (2,336 | ) | $ | 487 | $ | 867 | |||||||||||
Ratio of earnings to fixed charges | 3.76 | 0.20 | 6.42 | NM(1 | ) | NM(1 | ) | NM(1 | ) |
(1) | We did not have any shares of preferred stock issued and outstanding for the periods presented. |
(2) | Enterprise Acquisition Corp., the accounting acquirer in the merger with ARMOUR completed on November 6, 2009, was formed on July 9, 2007 as a development stage company with no operations. Prior to November 6, 2009, the ratio of earnings to fixed charges is not a meaningful measure. |