RAIT Financial Trust - FORM 10-K - EX-12.1 - STATEMENTS REGARDING COMPUTATION OF RATIOS AS OF DECEMBER 31, 2009 - March 1, 2010

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10-K - FORM 10-K - RAIT Financial Trustd10k.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - RAIT Financial Trustdex312.htm
EX-32.2 - SECTION 906 CFO CERTIFICATION - RAIT Financial Trustdex322.htm
EX-99.1 - MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS - RAIT Financial Trustdex991.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - RAIT Financial Trustdex321.htm
EX-21.1 - LIST OF SUBSIDIARIES - RAIT Financial Trustdex211.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - RAIT Financial Trustdex311.htm
EX-23.1 - CONSENT OF GRANT THORNTON LLP - RAIT Financial Trustdex231.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, 2009 (dollars in thousands):

 

     For the Years Ended December 31
     2009     2008     2007     2006    2005

Net income (loss) from continuing operations

    $ (439,300 )    $ (617,070 )    $ (435,991 )    $ 74,704    $ 75,074

Add back fixed charges:

            

Interest expense

      260,080        489,989        700,460        63,410      13,011
                                     

Earnings before fixed charges and preferred share dividends

      (179,220 )      (127,081 )      264,469        138,114      88,085

    
Fixed charges and preferred share dividends:

            

Interest expense

      260,080        489,989        700,460        63,410      13,011

Preferred share dividends

      13,641        13,641        11,817        10,079      10,076
                                     

Total fixed charges and preferred share dividends

    $ 273,722      $ 503,630      $ 712,277      $ 73,489    $ 23,087
                                     

Ratio of earnings to fixed charges

      —   (1)      —   (1)      —   (1)      2.2x      6.8x

Ratio of earnings to fixed charges and preferred share dividends

      —   (2)      —   (2)      —   (2)      1.9x      3.8x

 

 

(1) The dollar amount of the deficiency for the years ended December 31, 2009, 2008 and 2007 is $439.3 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 $452.9 million, $630.7 million and $447.8 million, respectively.

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