Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Amtrust Financial Services, Inc. | d890666d8k.htm |
| EX-1.1 - EX-1.1 - Amtrust Financial Services, Inc. | d890666dex11.htm |
| EX-4.3 - EX-4.3 - Amtrust Financial Services, Inc. | d890666dex43.htm |
| EX-3.1 - EX-3.1 - Amtrust Financial Services, Inc. | d890666dex31.htm |
| EX-4.1 - EX-4.1 - Amtrust Financial Services, Inc. | d890666dex41.htm |
| EX-5.1 - EX-5.1 - Amtrust Financial Services, Inc. | d890666dex51.htm |
Exhibit 12.1
AmTrust Financial Services, Inc.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Amounts in Thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| Earnings: |
||||||||||||||||||||
| Pretax income from continuing operations before adjustment for income or loss from equity investees |
$ | 471,933 | $ | 379,249 | $ | 196,857 | $ | 171,259 | $ | 178,238 | ||||||||||
| Fixed charges |
48,458 | 34,691 | 28,508 | 16,709 | 12,902 | |||||||||||||||
| Company share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges |
— | — | — | — | (1,288 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 520,391 | $ | 413,940 | $ | 225,365 | $ | 187,968 | $ | 189,852 | |||||||||||
| Less: |
||||||||||||||||||||
| Interest capitalized |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Non-controlling interest in pre-tax (loss) income of subsidiaries that have not incurred fixed charges |
(416 | ) | (1,633 | ) | 6,873 | 20,730 | 5,109 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (416 | ) | (1,633 | ) | 6,873 | 20,730 | 5,109 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Earnings |
$ | 520,807 | $ | 415,573 | $ | 218,492 | $ | 167,238 | $ | 184,743 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Fixed Charges: |
||||||||||||||||||||
| Interest expensed and capitalized, and amortized premiums, discounts and capitalized expenses related to indebtedness |
48,458 | 34,691 | 28,508 | 16,709 | 12,902 | |||||||||||||||
| Expense of the interest within rental expense (1) |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Fixed Charges |
$ | 48,458 | $ | 34,691 | $ | 28,508 | $ | 16,709 | $ | 12,902 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Preferred Stock Dividends: |
||||||||||||||||||||
| Preferred dividends |
12,738 | 3,989 | — | — | — | |||||||||||||||
| Preferred dividends grossed up to a pre-income tax basis |
19,597 | 6,137 | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total combined fixed charges and preferred dividends |
$ | 68,055 | $ | 40,828 | $ | 28,508 | $ | 16,709 | $ | 12,902 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
7.7 | 10.2 | 7.7 | 10.0 | 14.3 | |||||||||||||||
| (1) | Deemed to be immaterial |