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
|
| Three months ended |
| |
|
| 2017 |
| |
Pre-tax income from continuing operations before adjustment for income or loss from equity investees |
| $ | 22,608 |
|
Add: |
|
|
| |
Fixed charges (see below) |
| 37,179 |
| |
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 |
| — |
| |
|
| 59,787 |
| |
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 |
| $ | 59,787 |
|
|
|
|
| |
Fixed charges: |
|
|
| |
Interest expensed and capitalized |
| $ | 33,291 |
|
Amortized premiums, discounts and capitalized expenses related to indebtedness |
| 3,888 |
| |
Estimated interest within rental expense |
| — |
| |
|
|
|
| |
Preference security dividend requirements of consolidated subsidiaries |
| — |
| |
Total fixed charges |
|
| 37,179 |
|
Preferred share distributions(1) |
| 571 |
| |
Combined fixed charges and preferred share distributions |
| $ | 37,750 |
|
|
|
|
| |
Ratio of earnings to fixed charges |
| 1.6 |
| |
Ratio of earnings to fixed charges and preferred share distributions(1) |
| 1.6 |
|
(1) We issued the 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series A Preferred Shares”), on March 9, 2017 and the first distribution for the Series A Preferred Shares was paid on June 15, 2017.