Attached files
| file | filename |
|---|---|
| EX-1.1 - EX-1.1 - Amtrust Financial Services, Inc. | d750115dex11.htm |
| EX-3.1 - EX-3.1 - Amtrust Financial Services, Inc. | d750115dex31.htm |
| 8-K - FORM 8-K - Amtrust Financial Services, Inc. | d750115d8k.htm |
| EX-4.3 - EX-4.3 - Amtrust Financial Services, Inc. | d750115dex43.htm |
| EX-4.1 - EX-4.1 - Amtrust Financial Services, Inc. | d750115dex41.htm |
| EX-5.1 - EX-5.1 - Amtrust Financial Services, Inc. | d750115dex51.htm |
Exhibit 12.1
AmTrust Financial Services, Inc.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Amounts in Thousands)
| Three Months Ended March 31, 2014 |
Year Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
| Earnings: |
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| Pretax income from continuing operations before adjustment for income or loss from equity investees |
$ | 110,656 | $ | 387,886 | $ | 196,857 | $ | 171,259 | $ | 178,238 | $ | 131,514 | ||||||||||||
| Fixed charges |
11,497 | 34,691 | 28,508 | 16,709 | 12,902 | 16,884 | ||||||||||||||||||
| Company share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges |
— | — | — | — | (1,288 | ) | (822 | ) | ||||||||||||||||
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| $ | 122,153 | $ | 422,577 | $ | 225,365 | $ | 187,968 | $ | 189,852 | $ | 147,576 | |||||||||||||
| Less: |
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| Interest capitalized |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Non-controlling interest in pre-tax (loss) income of subsidiaries that have not incurred fixed charges |
(64 | ) | (1,633 | ) | 6,873 | 20,730 | 5,109 | — | ||||||||||||||||
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| (64 | ) | (1,633 | ) | 6,873 | 20,730 | 5,109 | — | |||||||||||||||||
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| Total Earnings |
$ | 122,217 | $ | 424,210 | $ | 218,492 | $ | 167,238 | $ | 184,743 | $ | 147,576 | ||||||||||||
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| Fixed Charges: |
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| Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness |
11,497 | 34,691 | 28,508 | 16,709 | 12,902 | 16,884 | ||||||||||||||||||
| Expense of the interest within rental expense (1) |
— | — | — | — | — | — | ||||||||||||||||||
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| Total Fixed Charges |
$ | 11,497 | $ | 34,691 | $ | 28,508 | $ | 16,709 | $ | 12,902 | $ | 16,884 | ||||||||||||
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| Preferred Stock Dividends: |
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| Preferred dividends |
1,941 | 3,989 | — | — | — | — | ||||||||||||||||||
| Preferred dividends grossed up to a pre-income tax basis |
2,986 | 6,137 | — | — | — | — | ||||||||||||||||||
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| Total Preferred Dividends |
$ | 4,927 | $ | 10,126 | — | — | — | — | ||||||||||||||||
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| Total combined fixed charges and preferred dividends |
$ | 14,483 | $ | 40,828 | $ | 28,508 | $ | 16,709 | $ | 12,902 | $ | 16,884 | ||||||||||||
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| Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
8.4 | 10.4 | 7.7 | 10.0 | 14.3 | 8.7 | ||||||||||||||||||
| (1) | Deemed to be immaterial |