Exhibit 12.1
Bankwell Financial Group, Inc. | ||||||
Consolidated Ratio of Combined Fixed Charges and Preferred Stock Dividends to Earnings | ||||||
Year Ended December 31, | ||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||
Fixed Charges | ||||||
Interest expense, including deposits | $ 2,765 | $ 3,192 | $ 2,870 | |||
Estimate of interest in rental expense | 11 | 17 | 22 | |||
Preferred stock dividends (1) | 158 | 203 | 299 | |||
Total fixed charges | $ 2,934 | $ 3,412 | $ 3,191 | |||
Earnings | ||||||
Income before provision for income taxes | $ 7,345 | $ 1,871 | $ 3,201 | |||
Add: Fixed charges | 2,934 | 3,412 | 3,191 | |||
Total earnings | $ 10,279 | $ 5,283 | $ 6,392 | |||
Ratio of earnings to combined fixed charges and preferred stock dividends, including deposit expense | 3.50 | 1.55 | 2.00 | |||
(1) | Preferred stock dividends used in the ratio consist of the amount of pre-tax earnings required to pay the dividends on outstanding preferred stock. | |||||
Year Ended December 31, | ||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||
Fixed Charges | ||||||
Interest expense, excluding deposits | $ 532 | $ 825 | $ 847 | |||
Estimate of interest in rental expense | 11 | 17 | 22 | |||
Preferred stock dividends (1) | 158 | 203 | 299 | |||
Total fixed charges | $ 701 | $ 1,045 | $ 1,168 | |||
Earnings | ||||||
Income before provision for income taxes | $ 7,345 | $ 1,871 | $ 3,201 | |||
Add: Fixed charges | 701 | 1,045 | 1,168 | |||
Total earnings | $ 8,046 | $ 2,916 | $ 4,369 | |||
Ratio of earnings to combined fixed charges and preferred stock dividends, excluding deposit expense | 11.48 | 2.79 | 3.74 | |||
(1) | Preferred stock dividends used in the ratio consist of the amount of pre-tax earnings required to pay the dividends on outstanding preferred stock. | |||||