EX-12.1 6 exhibit12-1.htm COMPUTATION OF EARNINGS TO FIXED CHARGES
 
EXHIBIT 12.1
 
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratio of earnings to fixed charges)
 
 
The following table sets forth our consolidated ratios of earnings to fixed charges and preferred stock dividends for the periods shown. For purposes of computing the ratios, earnings represent income before taxes, extraordinary items and the cumulative effect of accounting changes, plus fixed charges. Fixed charges represent total interest expense plus an estimate of the interest within rental expense, including and excluding interest on deposits. Currently, the Company has no shares of preferred stock outstanding and have not paid any dividends on preferred stock in the periods shown. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is not different from the ratio of earnings to fixed charges.
 
 
 
 
  
Three Months Ended 
  
Nine Months Ended
 
  
September 30, 2013
    
September 30, 2012
    
September 30, 2013
    
September 30, 2012
  
Ratio of Earnings to Fixed Charges (Including Deposits)
  
   
   
   
 
Earnings:
  
   
   
   
 
   Income before income taxes
  
$
17,846
    
$
20,075
    
$
55,690
    
$
56,929
  
   Add:  Fixed charges, net
    
11,928
      
14,303
      
36,372
      
48,600
  
Income before income taxes and fixed charges, net
    
29,774
      
34,378
      
92,062
      
105,529
  
Fixed charges
                                
   Interest expense
  
$
11,633
    
$
14,074
    
$
35,507
    
$
47,914
  
   One-third of rental expense
    
295
      
229
      
865
      
686
  
   Interest on unrecognized tax benefits
    
0
      
0
      
0
      
0
  
Total fixed charges
  
$
11,928
    
$
14,303
    
$
36,372
    
$
48,600
  
Ratio of Earnings to Fixed Charges
    
2.50
  x    
2.40
  x    
2.53
  x    
2.17
  x
 
                                
Ratio of Earnings to Fixed Charges (Excluding Deposits)
                                
Earnings:
                                
   Income before income taxes
  
$
17,846
    
$
20,075
    
$
55,690
    
$
56,929
  
   Add:  Fixed charges, net
    
7,020
      
9,002
      
21,132
      
32,151
  
Income before income taxes and fixed charges, net
    
24,866
      
29,077
      
76,822
      
89,080
  
Fixed charges
                                
   Interest expense (excluding deposits)
    
6,725
      
8,773
      
20,267
      
31,465
  
   One-third of rental expense
    
295
      
229
      
865
      
686
  
   Interest on unrecognized tax benefits
    
-
      
-
      
-
      
-
  
Total fixed charges
  
$
7,020
    
$
9,002
    
$
21,132
    
$
32,151
  
Ratio of Earnings to Fixed Charges
    
3.54
  x    
3.23
  x    
3.64
  x    
2.77
  x