EXHIBIT 12.1
National General Holdings Corp.
Computation of Ratio of Earnings to Fixed Charges
(Amounts in Thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | Year Ended |
| | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
Earnings | | | | | | | | | | | | |
Pretax income from continuing operations before adjustment for income or loss from equity investees | | $ | 139,147 |
| | $ | 210,099 |
| | $ | 164,590 |
| | $ | 127,443 |
| | $ | 52,257 |
| | $ | 46,353 |
|
Fixed charges | | 34,590 |
| | 40,180 |
| | 28,885 |
| | 17,736 |
| | 2,042 |
| | 1,787 |
|
| | $ | 173,737 |
| | $ | 250,279 |
| | $ | 193,475 |
| | $ | 145,179 |
| | $ | 54,299 |
| | $ | 48,140 |
|
Less: | | | | | | | | | | | | |
Interest capitalized | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
Non-controlling interest in pre-tax income (loss) of subsidiaries that have not incurred fixed charges | | — |
| | 113 |
| | 132 |
| | (2 | ) | | 82 |
| | — |
|
| | — |
| | 113 |
| | 132 |
| | (2 | ) | | 82 |
| | — |
|
Total Earnings | | $ | 173,737 |
| | $ | 250,166 |
| | $ | 193,343 |
| | $ | 145,181 |
| | $ | 54,217 |
| | $ | 48,140 |
|
| | | | | | | | | | | | |
Fixed Charges: | | | | | | | | | | | | |
Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness | | 34,590 |
| | 40,180 |
| | 28,885 |
| | 17,736 |
| | 2,042 |
| | 1,787 |
|
Expense of the interest within rental expense(1) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Total Fixed Charges | | $ | 34,590 |
| | $ | 40,180 |
| | $ | 28,885 |
| | $ | 17,736 |
| | $ | 2,042 |
| | $ | 1,787 |
|
Ratio of Earnings to Fixed Charges | | 5.02 | | 6.23 | | 6.69 | | 8.19 | | 26.55 | | 26.94 |
(1) Deemed to be immaterial