ANNALY CAPITAL MANAGEMENT INC - FORM 10-K - EX-12.1 - EXHIBIT 12.1

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EX-23.1 - EXHIBIT 23.1 - ANNALY CAPITAL MANAGEMENT INC	a51283891ex23_1.htm
10-K - ANNALY CAPITAL MANAGEMENT, INC. 10-K - ANNALY CAPITAL MANAGEMENT INC	a51283891.htm
EX-32.2 - EXHIBIT 32.2 - ANNALY CAPITAL MANAGEMENT INC	a51283891ex32_2.htm
EX-21.1 - EXHIBIT 21.1 - ANNALY CAPITAL MANAGEMENT INC	a51283891ex21_1.htm
EX-3.11 - EXHIBIT 3.11 - ANNALY CAPITAL MANAGEMENT INC	a51283891ex3_11.htm
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EX-31.2 - EXHIBIT 31.2 - ANNALY CAPITAL MANAGEMENT INC	a51283891ex31_2.htm
EX-31.1 - EXHIBIT 31.1 - ANNALY CAPITAL MANAGEMENT INC	a51283891ex31_1.htm

ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES

Exhibit 12.1

Ratio of Earnings To Combined Fixed Charges And Preferred Stock Dividends and Ratio of Earnings To Fixed Charges (Unaudited)

The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock dividends for the years shown:

	For the Years Ended December 31,
	2015		2014			2013		2012		2011
	(dollars in thousands)
Net income (loss) before income taxes and noncontrolling interest(1)		463,793		(836,954	)		3,737,911		1,771,812		402,372
Add: Fixed charges (interest expense)(2)		1,096,091		1,338,019			1,533,008		1,560,941		1,362,721
Earnings as adjusted		1,559,884		501,065			5,270,919		3,332,753		1,765,093
Fixed charges (interest expense) + preferred stock dividend		1,168,059		1,409,987			1,604,976		1,600,471		1,379,575
Ratio of earnings to combined fixed charges and preferred stock dividends		1.34		0.36			3.28		2.08		1.28
Ratio of earnings to fixed charges		1.42		0.37			3.44		2.14		1.30

(1) Includes unrealized gains (losses) on Financial Instruments and/or derivatives

(2) Fixed charges include realized gains (losses) on interest rate swaps.

ANNALY CAPITAL MANAGEMENT INC - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 25, 2016