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
| | Year ended December 31, | |
| | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | |
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 | |
Add: | | | | | | | | | | | |
Fixed charges (see below) | | 149,768 | | 124,708 | | 85,589 | | 65,222 | | 31,642 | |
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 | | — | | — | | — | | — | | — | |
| | 211,531 | | 198,012 | | 265,053 | | 279,857 | | 218,464 | |
Less: | | | | | | | | | | | |
Capitalized interest | | — | | — | | — | | — | | — | |
Preference security dividend requirements of consolidated subsidiaries | | — | | — | | — | | — | | — | |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. | | — | | — | | — | | — | | — | |
Adjusted earnings | | $ | 211,531 | | $ | 198,012 | | $ | 265,053 | | $ | 279,857 | | $ | 218,464 | |
| | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | |
Interest expensed and capitalized | | $ | 134,619 | | $ | 111,741 | | $ | 75,013 | | $ | 54,682 | | $ | 26,084 | |
Amortized premiums, discounts and capitalized expenses related to indebtedness | | 15,149 | | 12,967 | | 10,576 | | 10,540 | | 5,558 | |
Estimated interest within rental expense | | — | | — | | — | | — | | — | |
| | | | | | | | | | | |
Preference security dividend requirements of consolidated subsidiaries | | — | | — | | — | | — | | — | |
| | $ | 149,768 | | $ | 124,708 | | $ | 85,589 | | $ | 65,222 | | $ | 31,642 | |
| | | | | | | | | | | |
Ratio of earnings to fixed charges | | 1.4 | | 1.6 | | 3.1 | | 4.3 | | 6.9 | |
Ratio of earnings to fixed charges and preferred share distributions1 | | 1.4 | | 1.6 | | 3.1 | | 4.3 | | 6.9 | |
(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.
