Exhibit 12.1
PennyMac Mortgage Investment Trust
Ratio of Earnings to Fixed Charges
|
| Inception to |
| Year ended |
| Quarter ended | ||||||
|
| 12/31/2009 |
| 12/31/2010 |
| 12/31/2011 |
| 3/31/2012 | ||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees |
| $ | (1,883) |
| $ | 24,483 |
| $ | 64,486 |
| $ | 11,444 |
Add: |
|
|
|
|
|
|
|
| ||||
Fixed Charges |
| - |
| 826 |
| 16,946 |
| 6,674 | ||||
Amortization of capitalized interest |
| - |
| - |
| - |
| - | ||||
distributed income of equity investees |
| - |
| - |
| - |
| - | ||||
share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges |
| - |
| - |
| - |
| - | ||||
|
| (1,883) |
| 25,309 |
| 81,432 |
| 18,118 | ||||
less: |
|
|
|
|
|
|
|
| ||||
capitalized interest |
| - |
| - |
| - |
| - | ||||
preference security dividend requirements of consolidated subsidiaries |
| - |
| - |
| - |
| - | ||||
the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. |
| - |
| - |
| - |
| - | ||||
Adjusted earnings |
| $ | (1,883) |
| $ | 25,309 |
| $ | 81,432 |
| $ | 18,118 |
|
|
|
|
|
|
|
|
| ||||
Fixed Charges: |
|
|
|
|
|
|
|
| ||||
Interest expensed and capitalized |
| $ | - |
| $ | 826 |
| $ | 14,629 |
| $ | 5,941 |
amortized premiums, discounts and capitalized expenses related to indebtedness |
| - |
| - |
| 2,317 |
| 733 | ||||
estimated interest within rental expense |
| - |
| - |
| - |
| - | ||||
preference security dividend requirements of consolidated subsidiaries |
| - |
| - |
| - |
| - | ||||
|
| $ | - |
| $ | 826 |
| $ | 16,946 |
| $ | 6,674 |
|
|
|
|
|
|
|
|
| ||||
ratio of earnings to fixed charges |
| N/A |
| 30.6 |
| 4.8 |
| 2.7 | ||||
ratio of earnings to fixed charges and preferred stock dividends |
| N/A |
| N/A |
| N/A |
| N/A |