EX-12.1
Published on December 11, 2014
Exhibit 12.1
DYNEX CAPITAL, INC.
Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| Nine Months Ended September 30, 2014 |
Year Ended December 31, | |||||||||||||||||||||||
| (Amounts in thousands, except ratios) |
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
| Fixed charges |
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| Interest expense |
$ | 20,263 | $ | 39,028 | $ | 35,147 | $ | 24,082 | $ | 14,356 | $ | 14,671 | ||||||||||||
| Preferred dividend requirements |
6,882 | 7,902 | 2,036 | | 3,061 | 4,010 | ||||||||||||||||||
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| Total |
$ | 27,145 | $ | 46,930 | $ | 37,183 | $ | 24,082 | $ | 17,417 | $ | 18,681 | ||||||||||||
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| Earnings |
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| Income from continuing operations |
$ | 24,133 | $ | 68,069 | $ | 74,042 | $ | 39,812 | $ | 29,472 | $ | 17,581 | ||||||||||||
| Add: |
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| Fixed charges, excluding preferred dividend requirements |
20,263 | 39,028 | 35,147 | 24,082 | 14,356 | 14,671 | ||||||||||||||||||
| Less: |
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| Equity in income (loss) of equity method investees |
| | | | | 2,400 | ||||||||||||||||||
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| Total |
$ | 44,396 | $ | 107,097 | $ | 109,189 | $ | 63,894 | $ | 43,828 | $ | 29,852 | ||||||||||||
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| Ratio of earnings to fixed charges: |
2.19 | x | 2.74 | x | 3.11 | x | 2.65 | x | 3.05 | x | 2.03 | x | ||||||||||||
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| Ratio of earnings to fixed charges and preferred stock dividends |
1.64 | x | 2.28 | x | 2.94 | x | 2.65 | x | 2.52 | x | 1.60 | x | ||||||||||||
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