EX-12.1 2 a20153q10qex121.htm EXHIBIT 12.1 Exhibit


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,
  
2015
 
2014
 
2014
 
2013
 
2012
 
2011
 
2010
 
(dollars in millions)
Net income (loss) before income tax (expense) benefit and cumulative effect of changes in accounting principles
$
6,197

 
$
10,837

 
$
11,002

 
$
25,363

 
$
9,445

 
$
(5,666
)
 
$
(14,882
)
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
38,679

 
41,416

 
54,916

 
55,779

 
66,502

 
79,988

 
92,131

Interest factor in rental expenses
2

 
4

 
5

 
4

 
4

 
4

 
5

Earnings (loss), as adjusted
$
44,878

 
$
52,257

 
$
65,923

 
$
81,146

 
$
75,951

 
$
74,326

 
$
77,254

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
$
38,679

 
$
41,416

 
$
54,916

 
$
55,779

 
$
66,502

 
$
79,988

 
$
92,131

Interest factor in rental expenses
2

 
4

 
5

 
4

 
4

 
4

 
5

Total fixed charges
$
38,681

 
$
41,420

 
$
54,921

 
$
55,783

 
$
66,506

 
$
79,992

 
$
92,136

Senior preferred stock and preferred stock dividends(1)
5,510

 
16,824

 
19,610

 
47,591

 
7,229

 
6,498

 
5,749

Total fixed charges including preferred stock dividends
$
44,191

 
$
58,244

 
$
74,531

 
$
103,374

 
$
73,735

 
$
86,490

 
$
97,885

Ratio of earnings to fixed charges(2)
1.16

 
1.26

 
1.20

 
1.45

 
1.14

 
—

 
—

Ratio of earnings to combined fixed charges and preferred stock dividends(3)
1.02

 
—

 
—

 
—

 
1.03

 
—

 
—

 
(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 $5.7 billion and $14.9 billion for the years ended December 31, 2011 and 2010, 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 $6.0 billion, $8.6 billion, $22.2 billion, $12.2 billion, and $20.6 billion for the nine months ended September 30, 2014 and for the years ended December 31, 2014, 2013, 2011, and 2010, respectively.