NexPoint Residential Trust (NXRT) 10-K 2017 FY Annual report

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (Unaudited)
(dollars in thousands)

The following table sets forth our ratio of earnings to combined fixed charges and preferred stock dividends on a historical basis for the periods indicated. The ratio is calculated by dividing earnings by the combined fixed charges and preferred stock dividends.

	For the Year Ended December 31,
	2017		2016		2015		2014		2013
Earnings:
Net income (loss)	$	56,359	$	25,888	$	(10,992)	$	(17,533)	$	(170)
Add:
Fixed charges		29,576		20,167		17,817		7,274		—
Less:
Net (income) loss attributable to noncontrolling interests		(2,836)		(4,006)		160		1,932		—
Net income attributable to redeemable noncontrolling interests in the Operating Partnership		(149)		—		—		—		—
Total earnings	$	82,950	$	42,049	$	6,985	$	(8,327)	$	(170)
Fixed charges:
Interest expense	$	29,576	$	20,167	$	17,817	$	7,274	$	—
Total fixed charges	$	29,576	$	20,167	$	17,817	$	7,274	$	—
Preferred stock dividends	$	—	$	—	$	—	$	—	$	—
Total combined fixed charges and preferred stock dividends	$	29,576	$	20,167	$	17,817	$	7,274	$	—
Ratio of earnings to combined fixed charges and preferred stock dividends		2.80		2.09		—x		—x		—x1
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends		N/A		N/A	$	10,832	$	15,601		N/A

¹  Because there were no fixed charges in 2013, the ratio is not applicable.