STATEMENT RE FIXED CHARGE RATIO
Published on February 29, 2008
Exhibit
12.1
DYNEX
CAPITAL, INC.
Ratio of
Earnings to Fixed Charges and Preferred Stock Dividends
|
Year
Ended December 31,
|
||||||||||||||||||||
|
(Amounts
in thousands, except ratios)
|
2007
|
2006
|
2005
|
2004
|
2003
|
|||||||||||||||
|
Fixed
charges
|
||||||||||||||||||||
|
Fixed
charges
|
$ | 20,095 | $ | 39,362 | $ | 62,506 | $ | 98,942 | $ | 113,244 | ||||||||||
|
Preferred
dividend requirements
|
4,010 | 4,044 | 5,347 | 5,569 | 5,476 | |||||||||||||||
|
Total
|
$ | 24,105 | $ | 43,406 | $ | 67,853 | $ | 104,511 | $ | 118,720 | ||||||||||
|
Earnings
|
||||||||||||||||||||
|
Income
(loss) from continuing operations
|
$ | 8,899 | $ | 4,909 | $ | 9,585 | $ | (3,375 | ) | $ | (21,107 | ) | ||||||||
|
Add:
|
||||||||||||||||||||
|
Fixed
charges, excluding preferred dividend requirements
|
20,095 | 39,362 | 62,506 | 98,942 | 113,244 | |||||||||||||||
|
Distributed
income of equity method investee
|
1,125 | – | – | – | – | |||||||||||||||
|
Less:
|
||||||||||||||||||||
|
Equity
in income (loss) of equity method investee
|
709 | (852 | ) | – | – | – | ||||||||||||||
|
Total
|
$ | 29,410 | $ | 45,123 | $ | 72,091 | $ | 95,567 | $ | 92,137 | ||||||||||
|
Ratio
of earnings to fixed charges and preferred dividends
|
1.22 | x | 1.04 | x | 1.06 | x | ||||||||||||||
|
Deficiency
of earnings
|
$ | 8,944 | $ | 26,583 | ||||||||||||||||