Exhibit 12.1
GREENLIGHT CAPITAL RE, LTD.
RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | Year Ended December 31, 2007 | |||||||||||||||||||
(US$ thousands) | ||||||||||||||||||||||||
Earnings: Income before income taxes and non-controlling interest | 69,027 | 8,813 | 94,778 | 211,808 | (122,067 | ) | 35,325 | |||||||||||||||||
Add: fixed charges | 5,383 | 20,504 | 11,309 | 7,628 | 13,945 | 3,955 | ||||||||||||||||||
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Earnings available for fixed charges | 74,410 | 29,317 | 106,087 | 219,436 | (108,122 | ) | 39,280 | |||||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Assumed interest component of rent expense (1) | 37 | 98 | 95 | 179 | 32 | 30 | ||||||||||||||||||
Interest expense | 5,346 | 20,406 | 11,214 | 7,449 | 13,913 | 3,925 | ||||||||||||||||||
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Total fixed charges | 5,383 | 20,504 | 11,309 | 7,628 | 13,945 | 3,955 | ||||||||||||||||||
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Preferred share dividends | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred share dividends | 5,383 | 20,504 | 11,309 | 7,628 | 13,945 | 3,955 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 13.82 | �� | 1.43 | 9.38 | 28.77 | -7.75 | 9.93 | |||||||||||||||||
Ratio of earnings to fixed charges and preferred share dividends | 13.82 | 1.43 | 9.38 | 28.77 | -7.75 | 9.93 | ||||||||||||||||||
Deficiency of earnings to fixed charges | 94,178 |
(1) | 33.3% of rental expense represents a reasonable approximation of the interest factor |