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Exhibit 12.1
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IRWIN FINANCIAL CORPORATION
Computation of Ratio of Earnings to Fixed Charges
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<CAPTION>
Nine Months Ended
September 30, Year Ended December 31,
----------------------- ---------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
2000 1999 1999 1998 1997 1996 1995
----- ----- ----- ----- ----- ----- -----
(dollars in thousands)
Including Interest on Deposits
Earnings:
Earnings before income taxes $ 43,511 $42,504 $ 52,637 $ 50,857 $42,178 $37,287 $32,449
Fixed charges from below 65,779 42,982 59,491 63,986 49,055 41,625 28,568
-------- ------- -------- -------- ------- ------- -------
Earnings $109,290 $85,486 $112,128 $114,843 $91,233 $78,912 $61,017
-------- ------- -------- -------- ------- ------- -------
Fixed charges:
Interest expense $ 65,779 $42,982 $ 59,491 $ 63,986 $49,055 $41,625 $28,568
-------- ------- -------- -------- ------- ------- -------
Ratio of earnings to fixed charges 1.66x 1.99x 1.88x 1.79x 1.86x 1.90x 2.14x
-------- ------- -------- -------- ------- ------- -------
Excluding Interest on Deposits
Earnings:
Earnings before income taxes $ 43,511 $42,504 $ 52,637 $ 50,857 $42,178 $37,287 $32,499
Fixed charges from below 31,053 25,455 34,271 40,617 29,092 23,893 13,700
-------- ------- -------- -------- ------- ------- -------
Earnings $ 74,564 $67,959 $ 86,908 $ 91,474 $71,270 $61,180 $46,149
-------- ------- -------- -------- ------- ------- -------
Fixed charges:
Interest expense, excluding $ 31,053 $25,455 $ 34,271 $ 40,617 $29,092 $23,893 $13,700
interest on deposits -------- ------- -------- -------- ------- ------- -------
Ratio of earnings to fixed charges 2.40x 2.67x 2.54x 2.25x 2.45x 2.56x 3.37x
-------- ------- -------- -------- ------- ------- -------
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