Ambac Financial (AMBC) 10-Q 2015 Q2 Quarterly report

Exhibit 12.1

AMBAC FINANCIAL GROUP, INC.

RATIOS OF EARNINGS TO FIXED CHARGES

	Successor									Predecessor
	Six Months						Period from May 1			Period from January 1
	Ended			Year Ended			through			through			Year Ended December 31,
(in Thousands, except ratios)	June 30, 2015			December 31, 2014			December 31, 2013			April 30, 2013			2012			2011
Earnings:
Pre-tax income (loss)	$	502,675		$	493,253		$	512,316		$	3,348,033		$	(256,505	)	$	(1,882,949	)
Fixed Charges	28,848			127,754			84,736			30,342			107,724			122,324
Earnings	$	531,523		$	621,007		$	597,052		$	3,378,375		$	(148,781	)	$	(1,760,625	)
Fixed charges:
Interest expense	$	27,900		$	125,891		$	83,595		$	29,718		$	105,973		$	119,997
Portion of rental expense deemed to be interest	948			1,863			1,141			624			1,751			2,327
Fixed charges	$	28,848		$	127,754		$	84,736		$	30,342		$	107,724		$	122,324
Ratio of earnings to fixed charges	18.4		x	4.9		x	7.0		x	111.3		x	*			*

* Earning for the years ended December 31, 2012 and 2011 were inadequate to cover fixed charges by $256,505 and $1,882,949, respectively.