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Exhibit 12.1
Ladder Capital Corp
Ratio of Earnings to Fixed Charges
($ in thousands)
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before taxes | $ | 160,691 | $ | 124,231 | $ | 192,463 | $ | 172,038 | $ | 73,241 | ||||||||||
Earnings from investment in unconsolidated joint ventures | (371 | ) | (1,990 | ) | (3,203 | ) | (1,256 | ) | (347 | ) | ||||||||||
Distribution of income from unconsolidated joint ventures | 294 | 1,957 | 3,894 | 1,404 | — | |||||||||||||||
Fixed charges | 113,801 | 78,168 | 49,356 | 37,033 | 36,055 | |||||||||||||||
$ | 274,415 | $ | 202,366 | $ | 242,510 | $ | 209,219 | $ | 108,949 | |||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 113,303 | $ | 77,574 | $ | 48,745 | $ | 36,440 | $ | 35,836 | ||||||||||
Operating lease rental expense (1) | 498 | 594 | 611 | 593 | 219 | |||||||||||||||
$ | 113,801 | $ | 78,168 | $ | 49,356 | $ | 37,033 | $ | 36,055 | |||||||||||
Ratio of Earnings to Fixed Charges: | 2.41 | 2.59 | 4.91 | 5.65 | 3.02 |
(1) Operating lease rental expense that is representative of the interest factor (generally presumed to be 1/3).