Exhibit 12.1
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
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| 2007 |
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| 2004 |
| 2003 |
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Earnings: |
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Income (loss) from continuing operations before income taxes (1) |
| $ | 53,716 |
| $ | 81,590 |
| $ | 22,682 |
| $ | 25,626 |
| $ | 5,520 |
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Add: |
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Interest expensed and capitalized, except interest on deposits, and amortization of capitalized debt |
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| 71,974 |
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| 52,710 |
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| 33,625 |
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| 16,805 |
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| 24,652 |
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expenses |
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Interest on deposits |
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| 917 |
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| 948 |
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| 3,710 |
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| 13,634 |
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| 17,546 |
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Interest component of rental expense |
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| 2,217 |
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| 1,513 |
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| 1,308 |
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| 907 |
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| 1,169 |
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Total fixed charges (2) |
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| 75,108 |
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| 55,171 |
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| 38,643 |
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| 31,346 |
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| 43,367 |
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Earnings (losses) for computation purposes |
| $ | 128,824 |
| $ | 136,761 |
| $ | 61,325 |
| $ | 56,972 |
| $ | 48,887 |
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Ratio of earnings to fixed charges: |
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Including interest on deposits (3) |
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| 1.72 |
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| 2.48 |
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| 1.59 |
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| 1.82 |
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| 1.13 |
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Excluding interest on deposits (3) |
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| 1.72 |
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| 2.50 |
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| 1.65 |
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| 2.45 |
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| 1.21 |
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(1) | Excludes equity in earnings of unconsolidated entities. |
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(2) | Fixed charges represent total interest expensed and capitalized, including and excluding interest on deposits, amortization of capitalized debt expenses, as well as the interest component of rental expense. |
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(3) | The ratios of earnings to fixed charges were computed by dividing (x) income from continuing operations before income taxes plus fixed charges by (y) fixed charges. |