EX-12.1 2 f71398exv12w1.htm EXHIBIT 12.1 exv12w1
 
Exhibit 12.1
 
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
                                                         
    Nine Months Ended
 		       
    September 30,     Year Ended December 31,  
    2010     2009     2009     2008     2007     2006     2005  
    (dollars in millions)  
 
Net income (loss) before income tax benefit (expense) and cumulative effect of changes in accounting principles
  $ (14,713 )   $ (16,353 )   $ (22,384 )   $ (44,564 )   $ (5,989 )   $ 2,340     $ 2,626  
Add:
                                                       
Low-income housing tax credit partnerships
    —       752       4,155       453       469       407       320  
Total interest expense
    70,624       17,393       22,150       33,332       38,482       37,270       29,899  
Interest factor in rental expenses
    4       5       7       8       7       6       6  
                                                         
Earnings (loss), as adjusted
  $ 55,915     $ 1,797     $ 3,928     $ (10,771 )   $ 32,969     $ 40,023     $ 32,851  
                                                         
Fixed charges:
                                                       
Total interest expense
  $ 70,624     $ 17,393     $ 22,150     $ 33,332     $ 38,482     $ 37,270     $ 29,899  
Interest factor in rental expenses
    4       5       7       8       7       6       6  
Capitalized interest
    —       —       —       —       —       —       —  
                                                         
Total fixed charges
  $ 70,628     $ 17,398     $ 22,157     $ 33,340     $ 38,489     $ 37,276     $ 29,905  
                                                         
Senior preferred stock and preferred stock dividends(1)
    4,146       2,813       4,105       675       398       270       260  
                                                         
Total fixed charges including preferred stock dividends
  $ 74,774     $ 20,211     $ 26,262     $ 34,015     $ 38,887     $ 37,546     $ 30,165  
                                                         
Ratio of earnings to fixed charges(2)
    —       —       —       —       —       1.07       1.10  
                                                         
Ratio of earnings to combined fixed charges and preferred stock dividends(3)
    —       —       —       —       —       1.07       1.09  
                                                         
(1)  Senior preferred stock and preferred stock dividends represent pre-tax earnings required to cover any senior preferred stock and preferred stock dividend requirements computed using our effective tax rate, whenever there is an income tax provision, for the relevant periods.
(2)  Ratio of earnings to fixed charges is computed by dividing earnings (loss), as adjusted by total fixed charges. For the ratio to equal 1.00, earnings (loss), as adjusted must increase by $14.7 billion, $15.6 billion, $18.2 billion, $44.1 billion and $5.5 billion for the nine months ended September 30, 2010 and September 30, 2009 and for the years ended December 31, 2009, 2008 and 2007, respectively.
(3)  Ratio of earnings to combined fixed charges and preferred stock dividends is computed by dividing earnings (loss), as adjusted by total fixed charges including preferred stock dividends. For the ratio to equal 1.00, earnings (loss), as adjusted must increase by $18.9 billion, $18.4 billion, $22.3 billion, $44.8 billion and $5.9 billion for the nine months ended September 30, 2010 and September 30, 2009 and for the years ended December 31, 2009, 2008 and 2007, respectively.