EXHIBIT 12.1
National General Holdings Corp.
Computation of Ratio of Earnings to Fixed Charges
(Amounts in Thousands)
Six Months Ended June 30, | Year Ended | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income before income taxes | $ | 115,673 | $ | 163,481 | $ | 230,372 | $ | 167,289 | $ | 121,980 | $ | 53,531 | ||||||||||||
Less: Income (loss) from equity investees | (2,303 | ) | (8,795 | ) | 15,601 | 3,443 | 1,180 | 1,274 | ||||||||||||||||
Pre-tax income before equity investees | 117,976 | 172,276 | 214,771 | 163,846 | 120,800 | 52,257 | ||||||||||||||||||
Plus: Fixed charges | 26,192 | 47,086 | 40,180 | 28,885 | 17,736 | 2,042 | ||||||||||||||||||
Less: Non-controlling interest in pre-tax income (loss) of subsidiaries that have not incurred fixed charges | — | — | 113 | 132 | (2 | ) | 82 | |||||||||||||||||
Earnings for Computation | $ | 144,168 | $ | 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 | $ | 26,192 | $ | 47,086 | $ | 40,180 | $ | 28,885 | $ | 17,736 | $ | 2,042 | ||||||||||||
Total Fixed Charges | $ | 26,192 | $ | 47,086 | $ | 40,180 | $ | 28,885 | $ | 17,736 | $ | 2,042 | ||||||||||||
Ratio of Earnings to Fixed Charges | 5.50 | 4.66 | 6.34 | 6.67 | 7.81 | 26.55 |