Exhibit 12.1
PennyMac Mortgage Investment Trust
Ratio of Earnings to Fixed Charges
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| Year ended |
| Quarter ended |
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| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
| 3/31/2015 |
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Pre-tax income from continuing operations before adjustment for income or loss from equity investees |
| $ | 27,026 |
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| $ | 72,495 |
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| $ | 186,822 |
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| $ | 214,635 |
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| $ | 179,464 |
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| $ | (3,820 | ) |
Add: |
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Fixed Charges |
| 826 |
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| 16,946 |
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| 31,642 |
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| 65,222 |
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| 85,589 |
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| 25,746 |
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Amortization of capitalized interest |
| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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distributed income of equity investees |
| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges |
| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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| 27,852 |
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| 89,441 |
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| 218,464 |
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| 279,857 |
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| 265,053 |
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| 21,926 |
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less: |
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Capitalized interest |
| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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preference security dividend requirements of consolidated subsidiaries |
| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. |
| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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Adjusted earnings |
| $ | 27,852 |
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| $ | 89,441 |
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| $ | 218,464 |
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| $ | 279,857 |
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| $ | 265,053 |
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| $ | 21,926 |
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Fixed Charges: |
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Interest expensed and capitalized |
| $ | 826 |
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| $ | 14,629 |
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| $ | 26,084 |
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| $ | 54,695 |
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| $ | 75,258 |
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| $ | 23,119 |
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amortized premiums, discounts and capitalized expenses related to indebtedness |
| - |
|
| 2,317 |
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| 5,558 |
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| 10,527 |
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| 10,331 |
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| 2,627 |
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estimated interest within rental expense |
| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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preference security dividend requirements of consolidated subsidiaries |
| - |
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| - |
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| - |
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| - |
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| - |
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| - |
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| $ | 826 |
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| $ | 16,946 |
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| $ | 31,642 |
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| $ | 65,222 |
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| $ | 85,589 |
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| $ | 25,746 |
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ratio of earnings to fixed charges |
| 33.7 |
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| 5.3 |
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| 6.9 |
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| 4.3 |
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| 3.1 |
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| 0.9 |
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ratio of earnings to fixed charges and preferred stock dividends |
| N/A |
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| N/A |
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| N/A |
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| N/A |
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| N/A |
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| N/A |
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