EX-12.1 6 s001743x2_ex12-1.htm EXHIBIT 12.1
Exhibit 12.1
 
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratio of earnings to fixed charges)
 
   
For the Three Months Ended March 31,
    
For the Year Ended December 31,
  
   
2017
    
2016
    
2016
    
2015
    
2014
    
2013
    
2012
  
Ratio of Earnings to Fixed Charges (Including Deposits)
                                          
Earnings:
                                          
     Income before income taxes
  
$
18,046
    
$
86,524
    
$
133,471
    
$
76,018
    
$
74,370
    
$
72,889
    
$
67,198
  
     Add:  Fixed charges, net
    
14,368
      
12,221
      
53,732
      
47,454
      
49,503
      
48,128
      
87,121
  
Income before income taxes and fixed charges, net
    
32,414
      
98,745
      
187,203
      
123,472
      
123,873
      
121,017
      
154,319
  
Fixed charges
                                                        
     Interest expense
  
$
13,968
    
$
11,880
    
$
52,141
    
$
46,226
    
$
48,416
    
$
46,969
    
$
86,112
  
     One-third of rental expense
    
400
      
341
      
1,591
      
1,228
      
1,087
      
1,159
      
1,009
  
     Interest on unrecognized tax benefits
    
—
      
—
      
—
      
—
      
—
      
—
      
—
  
Total fixed charges
  
$
14,368
    
$
12,221
    
$
53,732
    
$
47,454
    
$
49,503
    
$
48,128
    
$
87,121
  
Ratio of Earnings to Fixed Charges
    
2.26
x
    
8.08
x
    
3.48
x
    
2.60
x
    
2.50
x
    
2.51
x
    
1.77
x
                                                         
Ratio of Earnings to Fixed Charges (Excluding Deposits)
                                                        
Earnings:
                                                        
     Income before income taxes
  
$
18,046
    
$
86,524
    
$
133,471
    
$
76,018
    
$
74,370
    
$
72,889
    
$
67,198
  
     Add:  Fixed charges, net
    
4,861
      
5,427
      
21,358
      
24,449
      
29,912
      
28,201
      
64,333
  
Income before income taxes and fixed charges, net
    
22,907
      
91,951
      
154,829
      
100,467
      
104,282
      
101,090
      
131,531
  
Fixed charges
                                                        
     Interest expense
  
$
4,461
    
$
5,086
    
$
19,767
    
$
23,221
    
$
28,825
    
$
27,042
    
$
43,583
  
     One-third of rental expense
    
400
      
341
      
1,591
      
1,228
      
1,087
      
1,159
      
1,009
  
     Interest on unrecognized tax benefits
    
—
      
—
      
—
      
—
      
—
      
—
      
—
  
Total fixed charges
  
$
4,861
    
$
5,427
    
$
21,358
    
$
29,449
    
$
29,912
    
$
28,201
    
$
44,592
  
Ratio of Earnings to Fixed Charges
    
4.71
x
    
16.94
x
    
7.25
x
    
4.11
x
    
3.49
x
    
3.58
x
    
2.95
x