RESOURCE AMERICA, INC. - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - December 11, 2009

Attached files

file	filename
10-K - FORM 10-K; SEPTEMBER 30, 2009 - RESOURCE AMERICA, INC.	rexi10k093009.htm
EX-21.1 - EXHIBIT 21.1 - RESOURCE AMERICA, INC.	exh21_1.htm
EX-23.1 - EXHIBIT 23.1 - RESOURCE AMERICA, INC.	exh23_1.htm
EX-32.1 - EXHIBIT 31.1 - RESOURCE AMERICA, INC.	exh31_1.htm
EX-32.1 - EXHIBIT 32.1 - RESOURCE AMERICA, INC.	exh32_1.htm
EX-32.2 - EXHIBIT 32.2 - RESOURCE AMERICA, INC.	exh32_2.htm
EX-31.2 - EXHIBIT 31.2 - RESOURCE AMERICA, INC.	exh31_2.htm
EX-10.9(F) - SEVENTH AMENDMENT BETWEEN LEAF AND NATCITY - RESOURCE AMERICA, INC.	exh10_9f.htm
EX-10.9(G) - EIGHTH AMENDMENT BETWEEN LEAF AND NATCITY - RESOURCE AMERICA, INC.	exh10_9g.htm

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

		For the fiscal years ended September 30, 2009
		2009				2008				2007				2006				2005
Earnings:
Pretax (loss) income from continuing operations		$	(24,991	)		$	(40,639	)		$	7,682			$	17,667			$	12,585
Less – minority interests			(54	)			2,335				669				151				−
Less – equity in earnings of affiliates			(1,279	)			15,656				(13,960	)			(5,896	)			(11,413	)
Add – cash distributions received from equity investments			6,128				15,647				16,212				12,570				13,899
			(20,196	)			(7,001	)			10,603				24,492				15,071
Fixed charges			20,520				47,581				33,782				10,244				2,907
Total		$	324			$	40,580			$	44,385			$	34,736			$	17,978

Fixed Charges:
Interest expense		$	20,199			$	47,266			$	33,566			$	10,119			$	2,811
Estimated interest portion of rent expense (2)			321				315				216				125				96
Total		$	20,520			$	47,581			$	33,782			$	10,244			$	2,907

Ration of earnings to fixed charges			(1)				(1)				1.3				3.4				6.2

(1)	Earnings for fiscal 2009 and 2008 were inadequate to cover fixed charges. The coverage deficiencies for those periods were $20.1 million and $6.8 million, respectively.

(2)	Estimated to be 8% of rent expense.