Exhibit 12.1







 

 

 

 

 

 

 

 

 

 

BBX Capital Corporation

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)





 

 

 

 

 

 

 

 

 

 



 

For the Years Ended December 31,



 

2017

 

2016

 

2015

 

2014

 

2013



 

(In thousands)

Earnings Available to Cover Fixed Charges:

 

 

 

 

 

 

 

 

 

 

Income before income taxes

$

 93,374 

 

 78,036 

 

 64,683 

 

 64,378 

 

 96,898 

(Income) loss from equity investees

 

 (14,483)

 

 (13,630)

 

 1,565 

 

 573 

 

 30 

Distributed income to equity investees

 

 12,852 

 

 13,267 

 

               -

 

               -

 

                 -



 

 91,743 

 

 77,673 

 

 66,248 

 

 64,951 

 

 96,928 

Add: Fixed charges:

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

$

 37,994 

 

 37,243 

 

 42,173 

 

 47,402 

 

 50,621 

Interest portion of rent expense

 

 9,449 

 

 5,249 

 

 4,536 

 

 4,271 

 

 3,593 

Total fixed charges (1)

 

 47,443 

 

 42,492 

 

 46,709 

 

 51,673 

 

 54,214 

Earnings available to cover fixed charges

$

 139,186 

 

 120,165 

 

 112,957 

 

 116,624 

 

 151,142 

Ratio of earnings to fixed charges

%

 2.93 

 

2.83 

 

2.42 

 

2.26 

 

2.79 



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



(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.