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Exhibit 12.1

Ratio of Earnings to Fixed Charges
(in thousands, except ratios)

 
For the Years Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
Pretax income (loss) from continuing operations
$
72,015

 
$
52,645

 
$
114,908

 
$
32,074

 
$
(33,410
)
Less - pretax income from continuing operations from consolidated VIE - RSO, including eliminations (2)
(57,055
)
 
(42,796
)
 
(76,908
)
 
(39,337
)
 
(10,456
)
Less - noncontrolling interests
—

 
—

 
—

 
—

 
8

Less - equity in earnings of affiliates
(4,199
)
 
(5,389
)
 
(4,083
)
 
(9,507
)
 
(2,892
)
Add - cash distributions received from equity investments
6,759

 
4,647

 
3,311

 
5,022

 
4,506

 
17,520

 
9,107

 
37,228

 
(11,748
)
 
(42,244
)
Fixed charges
2,105

 
2,236

 
2,489

 
16,148

 
11,938

Total
$
19,625

 
$
11,343

 
$
39,717

 
$
4,400

 
$
(30,306
)
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
1,905

 
$
2,036

 
$
2,289

 
$
15,948

 
$
11,638

Estimated interest portion of rent expense (3)
200

 
200

 
200

 
200

 
300

Total
$
2,105

 
$
2,236

 
$
2,489

 
$
16,148

 
$
11,938

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
9.3

 
5.1

 
16.0

 
(1)
 
(1)
 
(1)
Earnings for 2011 and 2010 were inadequate to cover fixed charges. The coverage deficiencies for those periods were $11.7 million and $42.3 million, respectively.
(2)
The Company’s financial statements have been prepared to consolidate the financial statements of Resource Capital Corp., or RSO, a consolidated variable interest entity.  However, the assets of RSO are held solely to satisfy RSO’s obligations and the creditors of RSO have no recourse to the Company.  Accordingly, the calculation of the ratio of earnings to fixed charges has been adjusted to exclude the impact of RSO for the periods presented.
(3)
Estimated to be 8% of rent expense.