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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| Years Ended December 31, | ||||||||||||||||||||
| (Amounts in 000’s, except ratios) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
| Income (loss) from continuing operations, pre-tax before adjustment for income (loss) from equity investees |
$ | 67,791 | $ | 139,725 | $ | 403,645 | $ | 303,641 | $ | 621,670 | ||||||||||
| Fixed charges, as defined (A) |
80,022 | 78,601 | 108,236 | 138,035 | 172,219 | |||||||||||||||
| Distributed income (loss) of equity investees |
— | 1,069 | — | — | — | |||||||||||||||
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| Earnings, as defined |
$ | 147,813 | $ | 219,395 | $ | 511,881 | $ | 441,676 | $ | 793,889 | ||||||||||
| Combined fixed charges and preferred dividends, as defined (B) |
85,602 | 84,181 | 113,816 | 143,615 | 179,672 | |||||||||||||||
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| Ratio of Earnings to Combined Fixed Charges |
1.73 | 2.61 | 4.50 | 3.08 | 4.42 | |||||||||||||||
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| (A) Fixed charges, as defined: |
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| Interest expense |
$ | 80,022 | $ | 78,601 | $ | 108,236 | $ | 138,035 | $ | 172,219 | ||||||||||
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| Fixed charges, as defined |
$ | 80,022 | $ | 78,601 | $ | 108,236 | $ | 138,035 | $ | 172,219 | ||||||||||
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| (B) Combined fixed charges and preferred dividends, as defined: |
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| Interest expense |
$ | 80,022 | $ | 78,601 | $ | 108,236 | $ | 138,035 | $ | 172,219 | ||||||||||
| Preferred dividends |
5,580 | 5,580 | 5,580 | 5,580 | 7,453 | |||||||||||||||
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| Fixed charges, as defined |
$ | 85,602 | $ | 84,181 | $ | 113,816 | $ | 143,615 | $ | 179,672 | ||||||||||
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| Newcastle Investment Corp. Ratio of Earnings to Fixed Charges |
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| Years Ended December 31, | ||||||||||||||||||||
| (Amounts in 000’s, except ratios) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
| Income (loss) from continuing operations, pre-tax before adjustment for income (loss) from equity investees |
$ | 67,791 | $ | 139,725 | $ | 403,645 | $ | 303,641 | $ | 621,670 | ||||||||||
| Fixed charges, as defined (A) |
80,022 | 78,601 | 108,236 | 138,035 | 172,219 | |||||||||||||||
| Distributed income (loss) of equity investees |
— | 1,069 | — | — | — | |||||||||||||||
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| Earnings, as defined |
$ | 147,813 | $ | 219,395 | $ | 511,881 | $ | 441,676 | $ | 793,889 | ||||||||||
| Fixed charges, as defined (A) |
80,022 | 78,601 | 108,236 | 138,035 | 172,219 | |||||||||||||||
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| Ratio of Earnings to Fixed Charges |
1.85 | 2.79 | 4.73 | 3.20 | 4.61 | |||||||||||||||
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| (A) Fixed charges, as defined: |
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| Interest expense |
$ | 80,022 | $ | 78,601 | $ | 108,236 | $ | 138,035 | $ | 172,219 | ||||||||||
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| Fixed charges, as defined |
$ | 80,022 | $ | 78,601 | $ | 108,236 | $ | 138,035 | $ | 172,219 | ||||||||||
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