RAIT Financial Trust - FORM 10-K - EX-12.1 - STATEMENTS REGARDING COMPUTATION OF RATIOS AS OF DECEMBER 31, 2009 - February 25, 2011

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10-K - FORM 10-K - RAIT Financial Trustd10k.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - RAIT Financial Trustdex321.htm
EX-21.1 - LIST OF SUBSIDIARIES - RAIT Financial Trustdex211.htm
EX-23.1 - CONSENT OF GRANT THORNTON LLP - RAIT Financial Trustdex231.htm
EX-99.1 - MATERIAL US FEDERAL INCOME TAX CONSIDERATIONS - RAIT Financial Trustdex991.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - RAIT Financial Trustdex311.htm
EX-32.2 - SECTION 906 CFO CERTIFICATION - RAIT Financial Trustdex322.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - RAIT Financial Trustdex312.htm

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

Our ratio of earnings to fixed charges and preferred share dividends for the periods indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income from continuing operations from our consolidated statements of operations, as adjusted for fixed charges; and fixed charges represent interest expense and preferred share dividends from our consolidated statements of operations.

The following table presents our ratio of earnings to fixed charges and preferred share dividends for the five years ended December 31, 2010 (dollars in thousands):

 

     For the Years Ended December 31  
     2010      2009     2008     2007     2006  

Net income (loss) from continuing operations

    $ 110,590       $ (440,141 )    $ (617,130 )    $ (435,991 )    $ 74,704   

Add back fixed charges:

            

Interest expense

      95,658         260,803        489,710        700,460        63,410   
                                         

Earnings before fixed charges and preferred share dividends

      206,248         (179,338 )      (127,420 )      264,469        138,114   

Fixed charges and preferred share dividends:

            

Interest expense

      95,658         260,803        489,710        700,460        63,410   

Preferred share dividends

      13,641         13,641        13,641        11,817        10,079   
                                         

Total fixed charges and preferred share dividends

    $ 109,299       $ 274,444      $ 503,351      $ 712,277      $ 73,489   
                                         

Ratio of earnings to fixed charges

      2.2x         —   (1)       —   (1)       —   (1)       2.2x   

Ratio of earnings to fixed charges and preferred share dividends

      1.9x         —   (2)       —   (2)       —   (2)       1.9x   

 

(1) The dollar amount of the deficiency for the years ended December 31, 2009, 2008 and 2007 is $440.1 million, $617.1 million, and $436.0 million, respectively.
(2) The dollar amount of the deficiency for the years ended December 31, 2009, 2008 and 2007 is $453.8 million, $630.8 million, and $447.8 million, respectively.

 

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