EXHIBIT 12.1
Published on April 15, 2011
Exhibit 12.1
DYNEX CAPITAL, INC.
Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| Year Ended December 31, | ||||||||||||||||||||
| (Amounts in thousands, except ratios) |
2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
| Fixed charges |
||||||||||||||||||||
| Interest expense |
$ | 14,356 | $ | 14,671 | $ | 19,106 | $ | 20,095 | $ | 39,362 | ||||||||||
| Preferred dividend requirements |
3,061 | 4,010 | 4,010 | 4,010 | 4,044 | |||||||||||||||
| Total |
$ | 17,417 | $ | 18,681 | $ | 23,116 | $ | 24,105 | $ | 43,406 | ||||||||||
| Earnings |
||||||||||||||||||||
| Income from continuing operations |
$ | 29,472 | $ | 17,581 | $ | 15,121 | $ | 8,899 | $ | 4,909 | ||||||||||
| Add: |
||||||||||||||||||||
| Fixed charges, excluding preferred dividend requirements |
14,356 | 14,671 | 19,106 | 20,095 | 39,362 | |||||||||||||||
| Distributed income of equity method investees |
| | | 1,125 | | |||||||||||||||
| Less: |
||||||||||||||||||||
| Equity in income (loss) of equity method investees |
| 2,400 | (5,733 | ) | 709 | (852 | ) | |||||||||||||
| Total |
$ | 43,828 | $ | 29,852 | $ | 39,960 | $ | 29,410 | $ | 45,123 | ||||||||||
| Ratio of earnings to fixed charges: |
3.05 | x | 2.03 | x | 2.09 | x | 1.46 | x | 1.15 | x | ||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends |
2.52 | x | 1.60 | x | 1.73 | x | 1.22 | x | 1.04 | x | ||||||||||