Exhibit 12.1
COLONY FINANCIAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(In thousands, except ratios)
Six Months Ended June 30, 2016 | Year Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes before adjustment for noncontrolling interests and income from equity method investees | $ | 141,169 | $ | 199,135 | $ | 83,483 | $ | 25,874 | $ | 1,633 | $ | (2,356 | ) | |||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 84,439 | 133,094 | 48,365 | 18,838 | 8,248 | 3,011 | ||||||||||||||||||
Distributed income of equity investees | 36,432 | 66,418 | 74,948 | 101,874 | 64,839 | 25,959 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Noncontrolling interests in pre-tax income of consolidated subsidiaries with no fixed charges | (118,231 | ) | (103,018 | ) | (27,529 | ) | (17,018 | ) | (1,976 | ) | (1,095 | ) | ||||||||||||
Earnings | $ | 143,809 | $ | 295,629 | $ | 179,267 | $ | 129,568 | $ | 72,744 | $ | 25,519 | ||||||||||||
Fixed Charges and Preferred Dividends: | ||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 84,439 | $ | 133,094 | $ | 48,365 | $ | 18,838 | $ | 8,248 | $ | 3,011 | ||||||||||||
Preferred dividends (1) | 23,973 | 42,569 | 24,870 | 21,420 | 13,915 | — | ||||||||||||||||||
Combined fixed charges and preferred dividends | $ | 108,412 | $ | 175,663 | $ | 73,235 | $ | 40,258 | $ | 22,163 | $ | 3,011 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.7 | x | 2.2 | x | 3.7 | x | 6.9 | x | 8.8 | x | 8.5 | x | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.3 | x | 1.7 | x | 2.4 | x | 3.2 | x | 3.3 | x | 8.5 | x |
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(1) The Company did not have any outstanding shares of preferred stock for the year ended December 31, 2011.