Exhibit 12.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.1

BFC Financial Corporation

Computation of Ratio of Earnings to Fixed Charges

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

(In thousands)

Earnings Available to Cover Fixed Charges:

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before taxes

 

64,683 

 

64,378 

 

96,898 

 

60,462 

 

(6,662)

Loss (Income) from equity investees

 

1,565 

 

573 

 

30 

 

(186)

 

(1,256)

 

 

66,248 

 

64,951 

 

96,928 

 

60,276 

 

(7,918)

Add: Fixed charges:

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

$

42,173 

 

47,402 

 

50,621 

 

59,964 

 

78,277 

Interest portion of rent expense

 

4,536 

 

4,271 

 

3,593 

 

4,634 

 

6,582 

Total fixed charges (1)

 

46,709 

 

51,673 

 

54,214 

 

64,598 

 

84,859 

Earnings available to cover fixed charges

$

112,957 

 

116,624 

 

151,142 

 

124,874 

 

76,941 

Ratio of earnings to fixed charges

 

2.42 

 

2.26 

 

2.79 

 

1.93 

 

0.91 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Consists of interest expense on all indebtedness (including costs related to the amortization of deferred financing costs), capitalized interest and the portion of operating lease rental expense that is representative of the interest factor.