Exhibit 12.1
PennyMac Mortgage Investment Trust
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS
Year ended December 31, | Quarter ended March 31, 2018 | |||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | $ | 214,635 | $ | 179,464 | $ | 73,304 | $ | 61,673 | $ | 124,546 | $ | 37,838 | ||||||||||||
Add: fixed charges | 65,222 | 85,589 | 124,708 | 149,768 | 151,371 | 34,816 | ||||||||||||||||||
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Adjusted earnings | $ | 279,857 | $ | 265,053 | $ | 198,012 | $ | 211,441 | $ | 275,917 | $ | 72,654 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 54,682 | $ | 75,013 | $ | 111,740 | $ | 134,620 | $ | 139,235 | $ | 34,919 | ||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 10,540 | 10,576 | 12,968 | 15,148 | 12,136 | (103 | ) | |||||||||||||||||
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Total fixed charges | 65,222 | 85,589 | 124,708 | 149,768 | 151,371 | 34,816 | ||||||||||||||||||
Preferred share distribution requirement | — | — | — | — | 15,267 | 6,234 | ||||||||||||||||||
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Total fixed charges and preferred share distribution requirement | $ | 65,222 | $ | 85,589 | $ | 124,708 | $ | 149,768 | $ | 166,638 | $ | 41,050 | ||||||||||||
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Ratio of earnings to fixed charges | 4.3 | 3.1 | 1.6 | 1.4 | 1.8 | 2.1 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred share distributions (1) | 4.3 | 3.1 | 1.6 | 1.4 | 1.7 | 1.8 |
(1) | The ratios of earnings to combined fixed charges and preferred share distributions were computed by dividing earnings as adjusted by fixed charges and preferred share distributions (if applicable). For this purpose, earnings consist of pre-tax income from continuing operations plus fixed charges. Fixed charges consist of interest expensed and capitalized, amortization of premiums, discounts and capitalized costs related to indebtedness. We issued our Series A preferred shares and our Series B preferred shares in March 2017 and July 2017, respectively. For each of the years ended December 31, 2013 through 2016, there were no preferred shares of beneficial interest outstanding. Therefore, no amounts for preferred distributions were included in the above calculations for such years. |