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 September 30, 2011 | Year Ended December 31, | |||||||||||||||||||||||
(Amounts in thousands, except ratios) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 17,349 | $ | 14,356 | $ | 14,671 | $ | 19,106 | $ | 20,095 | $ | 39,362 | ||||||||||||
Preferred dividend requirements | — | 3,061 | 4,010 | 4,010 | 4,010 | 4,044 | ||||||||||||||||||
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Total | $ | 17,349 | $ | 17,417 | $ | 18,681 | $ | 23,116 | $ | 24,105 | $ | 43,406 | ||||||||||||
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Earnings | ||||||||||||||||||||||||
Income from continuing operations | $ | 25,406 | $ | 29,472 | $ | 17,581 | $ | 15,121 | $ | 8,899 | $ | 4,909 | ||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges, excluding preferred dividend requirements | 17,349 | 14,356 | 14,671 | 19,106 | 20,095 | 39,362 | ||||||||||||||||||
Distributed income of equity method investees | — | — | — | — | 1,125 | — | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Equity in income (loss) of equity method investees | — | — | 2,400 | (5,733 | ) | 709 | (852 | ) | ||||||||||||||||
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Total | $ | 42,755 | $ | 43,828 | $ | 29,852 | $ | 39,960 | $ | 29,410 | $ | 45,123 | ||||||||||||
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Ratio of earnings to fixed charges: | 2.46 | x | 3.05 | x | 2.03 | x | 2.09 | x | 1.46 | x | 1.15 | x | ||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends | 2.46 | x | 2.52 | x | 1.60 | x | 1.73 | x | 1.22 | x | 1.04 | x | ||||||||||||
