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10-K - FORM 10-K - OCWEN FINANCIAL CORPocn_k09.htm
EX-21.0 - EXHIBIT 21.0 - OCWEN FINANCIAL CORPex21_0.htm
EX-23.1 - EXHIBIT 23.1 - OCWEN FINANCIAL CORPex23_1.htm
EX-31.2 - EXHIBIT 31.2 - OCWEN FINANCIAL CORPex31_2.htm
EX-32.2 - EXHIBIT 32.2 - OCWEN FINANCIAL CORPex32_2.htm
EX-23.2 - EXHIBIT 23.2 - OCWEN FINANCIAL CORPex23_2.htm
EX-32.1 - EXHIBIT 32.1 - OCWEN FINANCIAL CORPex32_1.htm
EX-31.1 - EXHIBIT 31.1 - OCWEN FINANCIAL CORPex31_1.htm

Exhibit 12.1

OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Adjusted)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes (1)

 

$

96,194

 

$

44,093

 

$

49,891

 

$

77,951

 

$

12,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized, except interest on deposits, and amortization of capitalized debt expenses

 

 

62,541

 

 

86,141

 

 

75,890

 

 

56,318

 

 

39,103

 

Interest on deposits

 

 

572

 

 

654

 

 

917

 

 

948

 

 

3,710

 

Interest component of rental expense

 

 

2,089

 

 

2,650

 

 

2,217

 

 

1,513

 

 

1,308

 

 

 

   

 

   

 

   

 

   

 

   

 

Total fixed charges (2)

 

 

65,202

 

 

89,445

 

 

79,024

 

 

58,779

 

 

44,121

 

 

 

   

 

   

 

   

 

   

 

   

 

Earnings (losses) for computation purposes

 

$

161,396

 

$

133,538

 

$

128,915

 

$

136,730

 

$

56,430

 

 

 

   

 

   

 

   

 

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Including interest on deposits (3)

 

 

2.48

 

 

1.49

 

 

1.63

 

 

2.33

 

 

1.28

 

Excluding interest on deposits (3)

 

 

2.49

 

 

1.50

 

 

1.64

 

 

2.35

 

 

1.30

 


 

 

(1)

Excludes income or loss from equity investees but includes any distributions received representing a return on capital

(2)

Fixed charges represent total interest expensed and capitalized, including and excluding interest on deposits, amortization of capitalized debt expenses, as well as the interest component of rental expense.

(3)

The ratios of earnings to fixed charges were computed by dividing (x) income from continuing operations before income taxes plus fixed charges by (y) fixed charges.