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EX-31.1 - EX-31.1 - INDEPENDENCE REALTY TRUST, INC.irt-ex311_6.htm
EX-32.2 - EX-32.2 - INDEPENDENCE REALTY TRUST, INC.irt-ex322_7.htm
EX-32.1 - EX-32.1 - INDEPENDENCE REALTY TRUST, INC.irt-ex321_8.htm
EX-31.2 - EX-31.2 - INDEPENDENCE REALTY TRUST, INC.irt-ex312_9.htm
10-Q - 10-Q - INDEPENDENCE REALTY TRUST, INC.irt-10q_20160331.htm

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges for the periods indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income from our consolidated statements of operations, as adjusted for fixed charges; fixed charges represent interest expense.

The following table presents our ratio of earnings to fixed charges for the three-month period ended March 31, 2016 and for the five years ended December 31, 2015, 2014, 2013, 2012 and 2011 (dollars in thousands):

 

 

For the Three

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Months Ended

 

 

For the Years Ended December 31,

 

 

March 31, 2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

Net income (loss)

$

(46

)

 

$

30,156

 

 

$

2,944

 

 

$

1,274

 

 

$

427

 

 

$

(370

)

Add back fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

9,977

 

 

 

23,553

 

 

 

8,469

 

 

 

3,659

 

 

 

3,305

 

 

 

1,727

 

Earnings before fixed charges and preferred share dividends

$

9,931

 

 

$

53,709

 

 

$

11,413

 

 

$

4,933

 

 

 

3,732

 

 

 

1,357

 

Fixed charges and preferred share dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

9,977

 

 

 

23,553

 

 

 

8,469

 

 

 

3,659

 

 

 

3,305

 

 

 

1,727

 

Preferred share dividends

 

-

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

15

 

 

 

-

 

Total fixed charges and preferred share dividends

$

9,977

 

 

$

23,553

 

 

$

8,469

 

 

$

3,669

 

 

$

3,320

 

 

$

1,727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.0

 

X

 

2.3

x

 

1.3x

 

 

1.3x

 

 

1.1x

 

 

—x

 

Ratio of earnings to fixed charges and preferred share dividends

 

1.0

 

X

 

2.3

x

 

1.3x

 

 

1.3x

 

 

1.1x

 

 

—x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The dollar amount of the deficiency for the year ended December 31, 2011 is $0.4 million.