Attached files
| file | filename |
|---|---|
| 10-K - DECEMBER 2009 FORM 10-K - GREENLIGHT CAPITAL RE, LTD. | form10-k_2009.htm |
| EX-32.1 - CEO CERTIFICATION ACCOMPANYING ANNUAL REPORT - GREENLIGHT CAPITAL RE, LTD. | exhibit32_1.htm |
| EX-21.1 - SUBSIDIARIES - GREENLIGHT CAPITAL RE, LTD. | exhibi21_1.htm |
| EX-31.1 - CEO CERTIFICATION - GREENLIGHT CAPITAL RE, LTD. | exhibit31_1.htm |
| EX-23.1 - BDO SEIDMAN CONSENT - GREENLIGHT CAPITAL RE, LTD. | exhibit23_1.htm |
| EX-31.2 - CFO CERTIFICATION - GREENLIGHT CAPITAL RE, LTD. | exhibit31_2.htm |
| EX-32.2 - CFO CERTIFICATION ACCOMPANYING ANNUAL REPORT - GREENLIGHT CAPITAL RE, LTD. | exhibit32_2.htm |
EXHIBIT
12.1
RATIO
OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
The
following table sets forth our consolidated ratios:
|
Year
ended
December 31, 2009 (2)
|
Year
ended
December
31, 2008
|
|||
|
Ratio
of Earnings to Fixed Charges (1)
|
28.77
|
|||
|
Deficiency
of earnings to fixed charges ($000)
|
—
|
$94, 178 (3) |
(1) The ratio of
earnings to fixed charges was determined by dividing consolidated earnings by
total fixed charges. For purposes of the ratios of earnings to fixed charges (i)
earnings consist of consolidated net income before considering income taxes,
non-controlling interest and fixed charges and (ii) fixed charges consist of
interest on indebtedness, interest expense on funds withheld from reinsurers and
that portion of rent expense that is deemed by our management to be an
appropriate interest factor. We have estimated that one-third of rent expense
represents a reasonable approximation of the interest factor.
(2) No preferred
shares were outstanding during the year ended December 31, 2009 and 2008, and no
preferred share dividends were paid during those periods.
(3) For
the year ended December 31, 2008, earnings were insufficient to cover fixed
charges by $94.2 million. This was largely due to realized and unrealized
investment losses incurred during the year ended December 31, 2008.