Exhibit 12.1
BFC Financial Corporation
Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Years ended December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest | $ | 146,062 | $ | 88,901 | $ | 113,385 | $ | 151,878 | $ | 188,838 | ||||||||||
Eliminate BankAtlantic Bancorp and Levitt | (144,980 | ) | (87,730 | ) | (112,222 | ) | (150,725 | ) | (187,599 | ) | ||||||||||
Pre tax 5% Preferred stock dividends | 1,221 | 638 | — | — | — | |||||||||||||||
$ | 2,303 | $ | 1,809 | $ | 1,163 | $ | 1,153 | $ | 1,239 | |||||||||||
Earnings (loss): | ||||||||||||||||||||
Income from continuing operations before income tax | $ | 171,354 | $ | 202,497 | $ | 101,293 | $ | 50,375 | $ | 48,011 | ||||||||||
Eliminate BankAtlantic Bancorp and Levitt | (180,026 | ) | (204,061 | ) | (107,024 | ) | (54,730 | ) | (53,622 | ) | ||||||||||
Eliminate other partnerships | (14 | ) | (4,114 | ) | 3,213 | 1,427 | 4,111 | |||||||||||||
BankAtlantic Bancorp/BankAtlantic and Levitt dividends | 2,191 | 1,925 | 1,686 | 1,581 | 1,468 | |||||||||||||||
Fixed charges | 2,303 | 1,809 | 1,163 | 1,153 | 1,239 | |||||||||||||||
5% Preferred stock dividends | (750 | ) | (392 | ) | — | — | — | |||||||||||||
$ | (4,942 | ) | $ | (2,336 | ) | $ | 331 | $ | (194 | ) | $ | 1,207 | ||||||||
Ratio | — | — | 0.28 | — | 0.97 | |||||||||||||||
Coverage deficiency | $ | 7,245 | $ | 4,145 | $ | — | $ | 1,347 | $ | — | ||||||||||
(1) | The operations, fixed charges and dividends of BankAtlantic Bancorp and Levitt are not included in this calculation because each of those subsidiaries are separate, publicly traded companies whose Board of Directors are composed of individuals, a majority of whom are independent. Accordingly, decisions made by those Boards, including with respect to the payment of dividends, are not within our control. |