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, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest | $ | 166,608 | $ | 146,062 | $ | 88,901 | $ | 113,385 | $ | 151,878 | ||||||||||
Eliminate BankAtlantic Bancorp and and Levitt | (166,578 | ) | (144,980 | ) | (87,730 | ) | (112,222 | ) | (150,725 | ) | ||||||||||
Pre tax 5% Preferred stock dividends | 1,221 | 1,221 | 638 | — | — | |||||||||||||||
$ | 1,251 | $ | 2,303 | $ | 1,809 | $ | 1,163 | $ | 1,153 | |||||||||||
Earnings (loss): | ||||||||||||||||||||
Income from continuing operations before income tax | $ | 12,179 | $ | 146,553 | $ | 173,326 | $ | 84,724 | $ | 54,956 | ||||||||||
Eliminate BankAtlantic Bancorp and Levitt | (19,043 | ) | (155,225 | ) | (174,890 | ) | (90,455 | ) | (59,311 | ) | ||||||||||
Eliminate other partnerships | 67 | 14 | (4,114 | ) | 3,213 | 1,427 | ||||||||||||||
BankAtlantic Bancorp/BankAtlantic and Levitt dividends | 2,350 | 2,191 | 1,925 | 1,686 | 1,581 | |||||||||||||||
Fixed charges | 1,251 | 2,303 | 1,809 | 1,163 | 1,153 | |||||||||||||||
5% Preferred stock dividends | (750 | ) | (750 | ) | (392 | ) | — | — | ||||||||||||
$ | (3,946 | ) | $ | (4,914 | ) | $ | (2,336 | ) | $ | 331 | $ | (194 | ) | |||||||
Ratio | — | — | — | 0.28 | — | |||||||||||||||
Coverage deficiency | $ | 5,197 | $ | 7,217 | $ | 4,145 | $ | — | $ | 1,347 | ||||||||||