Wells Fargo Real Estate Investment (WFE) S-11/A Registration of securities for real estate companies (amended)

Exhibit 12.1

Wells Fargo Real Estate Investment Corporation

Computation of Ratios of Earnings to Fixed Charges and Preferred Dividends

	Nine months ended September 30,		Year ended December 31,
(in thousands)	2014		2013		2012		2011
Excluding interest on deposits (1)
Income before income taxes	$	482,929	$	257,430		143,092		189,379
Fixed charges, excluding preferred dividends and capitalized interest		1,037		1,210		26		—
Earnings	$	483,966	$	258,640		143,118		189,379
Interest expense	$	1,037	$	1,210		26		—
Estimated interest component of net rental expense		—		—		—		—
Preferred dividends		43		57		57		57
Capitalized interest		—		—		—		—
Fixed charges and preferred dividends	$	1,080	$	1,267		83		57
Ratios of earnings to fixed charges and preferred dividends (2)		448.12		204.14		1,724.31		3,322.44

(1) As defined in Item 503(d) of Regulation S-K.

(2) These computations are included herein in compliance with Securities and Exchange Commission regulations. However, management believes that fixed charge ratios are not meaningful measures for the business of the Company. For example, even if there was no change in net income, the ratios would decline if interest income and interest expense increase by the same amount due to an increase in the level of interest rates or, conversely, they would increase if interest income and interest expense decrease by the same amount due to a decrease in the level of interest rates.