Central Pacific Financial (CPF) 10-K 2015 FY Annual report

Exhibit 12.1

Central Pacific Financial Corp. & Subsidiaries

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

	For the Year Ended December 31,
	2015			2014		2013		2012		2011
	(Dollars in thousands)
Ratio 1 - including deposit interest
Earnings:
Pre-tax income (loss) from continuing operations	$	72,956		$	60,842	$	59,828	$	47,421	$	36,571
Fixed charges	6,533			6,421		7,201		8,802		18,757
Total	$	79,489		$	67,263	$	67,029	$	56,223	$	55,328
Fixed charges:
Interest on deposits	$	3,627		$	3,727	$	4,044	$	5,033	$	9,610
Interest on other short-term borrowings	254			92		6		—		204
Interest on long-term debt	2,626			2,572		3,119		3,701		8,815
Interest on preferred stock dividends	—			—		—		—		69
Portion of rents representative of the interest factor of rental expense	26			30		32		68		59
Total fixed charges	$	6,533		$	6,421	$	7,201	$	8,802	$	18,757
Preferred stock dividend requirements	—			—		—		—		1,502
Fixed charges and preferred stock dividends	$	6,533		$	6,421	$	7,201	$	8,802	$	20,259
Ratio of earnings to fixed charges	12.2			10.5		9.3		6.4		2.9
Coverage deficiency	$	—		$	—	$	—	$	—	$	—
			��
Ratio of earnings to fixed charges and preferred stock dividends	12.2			10.5		9.3		6.4		2.7
Coverage deficiency	$	—		$	—	$	—	$	—	$	—
Ratio 2 - excluding deposit interest
Earnings:
Pre-tax income (loss) from continuing operations	$	72,956		$	60,842	$	59,828	$	47,421	$	36,571
Fixed charges	2,906			2,694		3,157		3,769		9,147
Total	$	75,862		$	63,536	$	62,985	$	51,190	$	45,718
Fixed charges:
Interest on other short-term borrowings	$	254		$	92	$	6	$	—	$	204
Interest on long-term debt	2,626			2,572		3,119		3,701		8,815
Interest on preferred stock dividends	—			—		—		—		69
Portion of rents representative of the interest factor of rental expense	26			30		32		68		59
Total fixed charges	$	2,906		$	2,694	$	3,157	$	3,769	$	9,147
Preferred stock dividend requirements	—			—		—		—		1,502
Fixed charges and preferred stock dividends	$	2,906		$	2,694	$	3,157	$	3,769	$	10,649
Ratio of earnings to fixed charges	26.1			23.6		20.0		13.6		5.0
Coverage deficiency	$	—		$	—	$	—	$	—	$	—
Ratio of earnings to fixed charges and preferred stock dividends	26.1			23.6		20.0		13.6		4.3
Coverage deficiency	$	—		$	—	$	—	$	—	$	—