EX-12.1 12 a20131231ex121.htm EXHIBIT 12.1
EXHIBIT 12.1
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)

| 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Earnings: |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes (1) | $ | 333,700 |  |  | $ | 257,394 |  |  | $ | 123,741 |  |  | $ | 37,783 |  |  | $ | 96,194 |
Add: |  |  |  |  |  |  |  |  |
Interest expensed and capitalized, except interest on deposits and amortization of capitalized debt expenses | 404,093 |  |  | 221,215 |  |  | 131,376 |  |  | 85,001 |  |  | 62,541 |
Interest on deposits | 8,749 |  |  | 2,238 |  |  | 1,390 |  |  | 918 |  |  | 572 |
Interest component of rental expense | 9,102 |  |  | 4,883 |  |  | 1,854 |  |  | 4,101 |  |  | 2,100 |
Total fixed charges (2) | 421,944 |  |  | 228,336 |  |  | 134,620 |  |  | 90,020 |  |  | 65,213 |
Earnings for computation purposes | $ | 755,644 |  |  | $ | 485,730 |  |  | $ | 258,361 |  |  | $ | 127,803 |  |  | $ | 161,407 |
Ratio of earnings to fixed charges: |  |  |  |  |  |  |  |  |
Including interest on deposits (3) | 1.79 |  | 2.13 |  | 1.92 |  | 1.42 |  | 2.48
Excluding interest on deposits (3) | 1.83 |  | 2.15 |  | 1.94 |  | 1.43 |  | 2.50

(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.