Dynex Capital (DX) 10-Q 2017 Q3 Quarterly report

Exhibit 12.1

DYNEX CAPITAL, INC.

Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Nine Months Ended		Year Ended December 31,
(Amounts in thousands, except ratios)	September 30, 2017		2016			2015			2014		2013			2012
Fixed charges:
Interest expense	$	26,122	$	25,231		$	22,605		$	25,915	$	39,028		$	35,147
Preferred dividend requirements	7,885		9,185			9,176			9,176		7,902			2,036
Total	$	34,007	$	34,416		$	31,781		$	35,091	$	46,930		$	37,183
Earnings:
Income from continuing operations	$	11,931	$	43,099		$	16,544		$	27,806	$	68,069		$	74,042
Add:
Distributed income of equity method investee	—		1,316			—			—		721			—
Fixed charges, excluding preferred dividend requirements	26,122		25,231			22,605			25,915		39,028			35,147
Less: Equity in income of equity investee	—		(481		)	(835		)	—		(721		)	—
Total	$	38,053	$	69,165		$	38,314		$	53,721	$	107,097		$	109,189
Ratio of earnings to fixed charges	1.46x		2.74x			1.69x			2.07x		2.74x			3.11x
Ratio of earnings to fixed charges and preferred stock dividends	1.12x		2.01x			1.21x			1.53x		2.28x			2.94x