Apollo Commercial Real Estate Finance (ARI)
Filed: 7 May 15, 12:00am
Exhibit 12.1
Apollo Commercial Real Estate Finance, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
| For the quarter ended | For the year ended December 31, | |||||||||||||||||||||||
| March 31, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest-Expensed | $ | 6,878 | $ | 15,130 | $ | 3,727 | $ | 7,753 | $ | 15,416 | $ | 10,198 | ||||||||||||
Interest-Expensed Convert | $ | 3,503 | $ | 8,493 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Interest-Capitalized | $ | 2,330 | $ | 8,795 | $ | 566 | $ | 597 | $ | 680 | $ | 3,380 | ||||||||||||
Interest-Capitalized TALF | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 357 | ||||||||||||
Total Fixed Charges | $ | 12,711 | $ | 32,418 | $ | 4,293 | $ | 8,350 | $ | 16,095 | $ | 13,934 | ||||||||||||
Earnings | ||||||||||||||||||||||||
Net Income | $ | 23,653 | $ | 75,457 | $ | 45,045 | $ | 37,102 | $ | 25,883 | $ | 10,999 | ||||||||||||
Add Back: | ||||||||||||||||||||||||
Fixed Charges | $ | 12,711 | $ | 32,418 | $ | 4,293 | $ | 8,350 | $ | 16,095 | $ | 13,934 | ||||||||||||
Amortization of Capitalized Interest | $ | 1,101 | $ | 2,918 | $ | 866 | $ | 1,962 | $ | 1,455 | $ | 1,173 | ||||||||||||
Less: | ||||||||||||||||||||||||
Interest Capitalized | $ | (2,330 | ) | $ | (8,795 | ) | $ | (566 | ) | $ | (597 | ) | $ | (680 | ) | $ | (3,737 | ) | ||||||
Total Earnings (Loss) | $ | 35,135 | $ | 101,998 | $ | 49,638 | $ | 46,817 | $ | 42,753 | $ | 22,370 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.76x | 3.15x | 11.56x | 5.61x | 2.66x | 1.61x | ||||||||||||||||||
Apollo Commercial Real Estate Finance, Inc.
Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
| For the quarter ended | For the year ended December 31, | |||||||||||||||||||||||
| March 31, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest-Expensed | $ | 6,878 | $ | 15,130 | $ | 3,727 | $ | 7,753 | $ | 15,416 | $ | 10,198 | ||||||||||||
Interest-Expensed Convert | $ | 3,503 | $ | 8,493 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Interest-Capitalized | $ | 2,330 | $ | 8,795 | $ | 566 | $ | 597 | $ | 680 | $ | 3,380 | ||||||||||||
Interest-Capitalized TALF | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 357 | ||||||||||||
Preferred Stock Dividends | $ | 1,860 | $ | 7,440 | $ | 7,440 | $ | 3,079 | $ | — | $ | — | ||||||||||||
Total Fixed Charges | $ | 14,571 | $ | 39,858 | $ | 11,733 | $ | 11,428 | $ | 16,095 | $ | 13,934 | ||||||||||||
Earnings | ||||||||||||||||||||||||
Net Income | $ | 23,653 | $ | 75,457 | $ | 45,045 | $ | 37,102 | $ | 25,883 | $ | 10,999 | ||||||||||||
Add Back: | ||||||||||||||||||||||||
Fixed Charges | $ | 14,571 | $ | 39,858 | $ | 11,733 | $ | 11,428 | $ | 16,095 | $ | 13,934 | ||||||||||||
Amortization of Capitalized Interest | $ | 1,101 | $ | 2,918 | $ | 866 | $ | 1,962 | $ | 1,455 | $ | 1,173 | ||||||||||||
Less: | ||||||||||||||||||||||||
Interest Capitalized | $ | (2,330 | ) | $ | (8,795 | ) | $ | (566 | ) | $ | (597 | ) | $ | (680 | ) | $ | (3,737 | ) | ||||||
Total Earnings (Loss) | $ | 36,995 | $ | 109,438 | $ | 57,078 | $ | 49,896 | $ | 42,753 | $ | 22,370 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 2.54x | 2.75x | 4.86x | 4.37x | 2.66x | 1.61x | ||||||||||||||||||