Exhibit 12.1
Statement of Computation of Ratio of Earnings
| Newcastle Investment Corp. Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
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| Nine Months Ended September 30, 2014 |
Years Ended December 31, | |||||||||||||||||||||||
| (Amounts in 000's, except ratios) |
2013 | 2012 | 2011 | 2010 | 2009 (C) | |||||||||||||||||||
| Income (loss) from continuing operations, pre-tax before adjustment for income (loss) from equity investees |
$ | 47,381 | $ | 112,667 | $ | 394,942 | $ | 303,958 | $ | 622,005 | $ | (209,237 | ) | |||||||||||
| Fixed charges, as defined (A) |
104,436 | 90,973 | 109,924 | 138,035 | 172,219 | 218,410 | ||||||||||||||||||
| Distributed income (loss) of equity investees |
— | 1,069 | — | — | — | — | ||||||||||||||||||
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| Earnings, as defined |
$ | 151,817 | $ | 204,709 | $ | 504,866 | $ | 441,993 | $ | 794,224 | $ | 9,173 | ||||||||||||
| Combined fixed charges and preferred dividends, as defined (B) |
108,621 | 96,553 | 115,504 | 143,615 | 179,672 | 231,911 | ||||||||||||||||||
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| Ratio of Earnings to Combined Fixed Charges |
1.40 | 2.12 | 4.37 | 3.08 | 4.42 | 0.04 | ||||||||||||||||||
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| (A) Fixed charges, as defined: |
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| Interest expense |
$ | 104,436 | $ | 90,973 | $ | 109,924 | $ | 138,035 | $ | 172,219 | $ | 218,410 | ||||||||||||
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| Fixed charges, as defined |
$ | 104,436 | $ | 90,973 | $ | 109,924 | $ | 138,035 | $ | 172,219 | $ | 218,410 | ||||||||||||
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| (B) Combined fixed charges and preferred dividends, as defined: |
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| Interest expense |
$ | 104,436 | $ | 90,973 | $ | 109,924 | $ | 138,035 | $ | 172,219 | $ | 218,410 | ||||||||||||
| Preferred dividends |
4,185 | 5,580 | 5,580 | 5,580 | 7,453 | 13,501 | ||||||||||||||||||
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| Fixed charges, as defined |
$ | 108,621 | $ | 96,553 | $ | 115,504 | $ | 143,615 | $ | 179,672 | $ | 231,911 | ||||||||||||
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| (C) The 2009 deficiency in the ratio is $222.7 million, which included impairment charges. Excluding such charges, the ratio would have exceeded 1 to 1. |
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| Newcastle Investment Corp. Ratio of Earnings to Fixed Charges |
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| Nine Months Ended September 30, 2014 |
Years Ended December 31, | |||||||||||||||||||||||
| (Amounts in 000's, except ratios) |
2013 | 2012 | 2011 | 2010 | 2009 (B) | |||||||||||||||||||
| Income (loss) from continuing operations, pre-tax before adjustment for income (loss) from equity investees |
$ | 47,381 | $ | 112,667 | $ | 394,942 | $ | 303,958 | $ | 622,005 | $ | (209,237 | ) | |||||||||||
| Fixed charges, as defined (A) |
104,436 | 90,973 | 109,924 | 138,035 | 172,219 | 218,410 | ||||||||||||||||||
| Distributed income (loss) of equity investees |
— | 1,069 | — | — | — | — | ||||||||||||||||||
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| Earnings, as defined |
$ | 151,817 | $ | 204,709 | $ | 504,866 | $ | 441,993 | $ | 794,224 | $ | 9,173 | ||||||||||||
| Fixed charges, as defined (A) |
104,436 | 90,973 | 109,924 | 138,035 | 172,219 | 218,410 | ||||||||||||||||||
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| Ratio of Earnings to Fixed Charges |
1.45 | 2.25 | 4.59 | 3.20 | 4.61 | 0.04 | ||||||||||||||||||
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| (A) Fixed charges, as defined: |
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| Interest expense |
$ | 104,436 | $ | 90,973 | $ | 109,924 | $ | 138,035 | $ | 172,219 | $ | 218,410 | ||||||||||||
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| Fixed charges, as defined |
$ | 104,436 | $ | 90,973 | $ | 109,924 | $ | 138,035 | $ | 172,219 | $ | 218,410 | ||||||||||||
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| (B) The 2009 deficiency in the ratio is $209.2 million, which included impairment charges. Excluding such charges, the ratio would have exceeded 1 to 1. |
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