Exhibit 12.1
PennyMac Mortgage Investment Trust
Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Share Distributions
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| Year ended December 31, |
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| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Pre-tax income from continuing operations before adjustment for income or loss from equity investees |
| $ | 61,763 |
| $ | 73,304 |
| $ | 179,464 |
| $ | 214,635 |
| $ | 186,822 |
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Add: |
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Fixed charges (see below) |
| 149,768 |
| 124,708 |
| 85,589 |
| 65,222 |
| 31,642 |
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Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
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Distributed income of equity investees |
| — |
| — |
| — |
| — |
| — |
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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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| 211,531 |
| 198,012 |
| 265,053 |
| 279,857 |
| 218,464 |
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Less: |
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Capitalized interest |
| — |
| — |
| — |
| — |
| — |
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Preference security dividend requirements of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
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Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. |
| — |
| — |
| — |
| — |
| — |
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Adjusted earnings |
| $ | 211,531 |
| $ | 198,012 |
| $ | 265,053 |
| $ | 279,857 |
| $ | 218,464 |
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Fixed charges: |
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Interest expensed and capitalized |
| $ | 134,619 |
| $ | 111,741 |
| $ | 75,013 |
| $ | 54,682 |
| $ | 26,084 |
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Amortized premiums, discounts and capitalized expenses related to indebtedness |
| 15,149 |
| 12,967 |
| 10,576 |
| 10,540 |
| 5,558 |
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Estimated interest within rental expense |
| — |
| — |
| — |
| — |
| — |
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Preference security dividend requirements of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
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| $ | 149,768 |
| $ | 124,708 |
| $ | 85,589 |
| $ | 65,222 |
| $ | 31,642 |
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Ratio of earnings to fixed charges |
| 1.4 |
| 1.6 |
| 3.1 |
| 4.3 |
| 6.9 |
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Ratio of earnings to fixed charges and preferred share distributions1 |
| 1.4 |
| 1.6 |
| 3.1 |
| 4.3 |
| 6.9 |
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(1) As of the date hereof, there are no preferred shares of beneficial interest issued and outstanding and, therefore, there are no amounts for preferred distributions included in the above calculations.