CYS Investments, Inc. - FORM 10-K - EX-12.1 - STATEMENT RE COMPUTATION OF RATIO OF EARNINGS - February 7, 2011

Attached files

file filename
10-K - FORM 10-K - CYS Investments, Inc.d10k.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER, SECTION 302 - CYS Investments, Inc.dex311.htm
EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER, SECTION 906 - CYS Investments, Inc.dex322.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER, SECTION 906 - CYS Investments, Inc.dex321.htm
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - CYS Investments, Inc.dex231.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER, SECTION 302 - CYS Investments, Inc.dex312.htm

Exhibit 12.1

RATIO OF EARNINGS TO COMBINED

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table sets forth our ratios of earnings to combined fixed charges and preferred stock dividends for each of the periods indicated:

 

     Years Ended December 31,  
     2010      2009      2008     2007     2006*  

Fixed charges(1)

    $ 5,055,584       $ 4,461,432       $ 23,980,836      $ 112,995,775      $ 38,716,966   

Preferred stock dividends(2)

      —           —           —          —          —     
                                          

Combined fixed charges and preferred stock dividends

    $ 5,055,584       $ 4,461,432       $ 23,980,836      $ 112,995,775      $ 38,716,966   
                                          

Fixed charges

    $ 5,055,584       $ 4,461,432       $ 23,980,836      $ 112,995,775      $ 38,716,966   

Net income (loss)

      22,390,356         63,845,795         (39,172,449 )     (29,687,272 )     966,267   
                                          

Earnings(3)

    $ 27,445,940       $ 68,307,227       $ (15,191,613 )   $ 83,308,503      $ 39,683,233   
                                          

Ratio of earnings to combined fixed charges and preferred stock dividends

      5.43         15.31         (0.63 )     0.74        1.02   
                                          

 

* For the period from February 10, 2006 (commencement of operations) to December 31, 2006.
(1)

Fixed charges consist of interest expense on all indebtedness.

(2)

No preferred stock was outstanding during these periods.

(3)

For purposes of computing the ratio of earnings to combined fixed charges and preferred stock dividends, earnings represent net income (loss) plus fixed charges and preferred stock dividends (where applicable).

Fixed charges include interest expense and preferred stock dividend expense. For the years ended December 31, 2008 and 2007, earnings were insufficient to cover combined fixed charges and preferred stock dividends by approximately $63.2 million and $142.7 million, respectively.

 

CYS Investments, Inc. Reports