National General (NTTNP) 10-K 2017 FY Annual report

EXHIBIT 12.1

National General Holdings Corp.

Computation of Ratio of Earnings to Fixed Charges

(Amounts in Thousands)

	Year Ended December 31,
	2017		2016		2015		2014			2013
			(As adjusted)		(As adjusted)		(As adjusted)
Earnings
Pretax income from continuing operations before adjustment for income or loss from equity investees	$	172,276	$	214,771	$	163,846	$	120,800		$	52,257
Fixed charges	47,086		40,180		28,885		17,736			2,042
	$	219,362	$	254,951	$	192,731	$	138,536		$	54,299
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	$	219,362	$	254,838	$	192,599	$	138,538		$	54,217
Fixed Charges:
Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness	$	47,086	$	40,180	$	28,885	$	17,736		$	2,042
Total Fixed Charges	$	47,086	$	40,180	$	28,885	$	17,736		$	2,042
Ratio of Earnings to Fixed Charges	4.66		6.34		6.67		7.81			26.55