Exhibit 12 BFC FINANCIAL CORPORATION CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands) Year ended Year ended Year ended Year ended Year ended December December December December December 31, 1993 31, 1992 31, 1991 31, 1990 31, 1989 ---------- ---------- ---------- ---------- ---------- (1) (1) (1) (1) FIXED CHARGES: INTEREST $ 9,063 64,883 99,944 133,533 154,701 ELIMINATE BANKATLANTIC - (55,567) (90,998) (127,218) (148,540) ---------- ---------- ---------- ---------- ---------- 9,063 9,316 8,946 6,315 6,161 ========== ========== ========== ========== ========== EARNINGS (LOSS): PRETAX EARNINGS (1,303) 11,210 (22,585) (14,542) (12,684) MINORITY INTEREST IN BANKATLANTIC - 3,964 (2,977) (2,202) (2,232) ---------- ---------- ---------- ---------- ---------- PRETAX EARNINGS (LOSS) BEFORE MINORITY INTEREST (1,303) 15,174 (25,562) (16,744) (14,916) ELIMINATE BANKATLANTIC (10,764) (25,300) 14,779 8,193 8,229 BANKATLANTIC DIVIDENDS 271 - - - - FIXED CHARGES 9,063 9,316 8,946 6,315 6,161 ---------- ---------- ---------- ---------- ---------- $ (2,733) (810) (1,837) (2,236) (526) ========== ========== ========== ========== ========== RATIO (0.30) (0.09) (0.21) (0.35) (0.09) ======================================================= COVERAGE DEFICIENCY $ 11,796 10,126 10,783 8,551 6,687 ======================================================= (1) The operations of BankAtlantic have been eliminated since there is a dividend restriction between BankAtlantic and the Company.