EX-12.1

EX-12.1 5 d721698dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Ambac Financial Group, Inc.

Ratio of Earnings to Fixed Charges

(In thousands, except ratios)


		Successor				Predecessor
		Eight Months Ended December 31, 2013				Four Months Ended April 30, 2013				Years Ended December 31,
		Eight Months Ended December 31, 2013				Four Months Ended April 30, 2013				2012				2011				2010				2009
Earnings:

Pre-tax income from continuing operations		$	512,316			$	3,348,033			($	256,505	)		($	1,882,949	)		($	753,001	)		$	724,905
Interest expense			83,595				29,718				105,973				119,997				164,485				119,626
Portion of rentals deemed to be interest			1,141				624				1,751				2,327				3,324				3,366

Earnings		$	597,052			$	3,378,375			($	148,781	)		($	1,760,625	)		($	585,192	)		$	847,897


Fixed Charges:

Interest Expense		$	83,595			$	29,718			$	105,973			$	119,997			$	164,485			$	119,626
Portion of rentals deemed to be interest			1,141				624				1,751				2,327				3,324				3,366

Fixed Charges		$	84,736			$	30,342			$	107,724			$	122,324			$	167,809			$	122,992


Ratio of earnings to fixed charges			7.1				111.3				-1.4				-14.4				-3.5				6.9