Exhibit 12.1
Apollo Commercial Real Estate Finance, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
For the period September 29, 2009 (commencement of operations) to December 31, 2009(1) | For the year ended December 31, 2010 | For the year ended December 31, 2011 | For the year ended December 31, 2012 | |||||||||||||
Fixed Charges | ||||||||||||||||
Interest-Expensed | $ | 101 | $ | 10,198 | $ | 15,416 | $ | 7,753 | ||||||||
Interest-Capitalized | $ | — | $ | 3,380 | $ | 680 | $ | 597 | ||||||||
Interest-Capitalized TALF | $ | 256 | $ | 357 | $ | — | $ | — | ||||||||
Preferred Stock Dividends | — | — | — | 3,079 | ||||||||||||
Total Fixed Charges | $ | 358 | $ | 13,934 | $ | 16,095 | $ | 11,428 | ||||||||
Earnings | ||||||||||||||||
Net Income | $ | (2,172 | ) | $ | 10,999 | $ | 25,883 | $ | 37,102 | |||||||
Add Back: | ||||||||||||||||
Fixed Charges | $ | 358 | $ | 13,934 | $ | 16,095 | $ | 11,428 | ||||||||
Amortization of Capitalized Interest | $ | 2 | $ | 1,173 | $ | 1,455 | $ | 1,962 | ||||||||
Less: | ||||||||||||||||
Interest Capitalized | $ | (256 | ) | $ | (3,737 | ) | $ | (680 | ) | $ | (597 | ) | ||||
Total Earnings (Loss) | $ | (2,069 | ) | $ | 22,370 | $ | 42,753 | $ | 49,896 | |||||||
Ratio of Earnings to Fixed Charges | (5.79x | )(2) | 1.61x | 2.66x | 4.37x |
(1) | The company was formed on June 29, 2009 and completed the initial public offering of its common stock on September 29, 2009. |
(2) | The coverage deficiency for total fixed charges for this period was approximately $2,400 to arrive at a one-to-one ratio. |