EX-12.1 7 d420816dex121.htm EXHIBIT 12.1 Exhibit 12.1

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,  
     2012      2011     2011     2010     2009     2008     2007  
     (dollars in millions)  

Net income (loss) before income tax benefit (expense) and cumulative effect of changes in accounting principles

   $ 6,133      $ (6,247 )    $ (5,666 )    $ (14,882 )    $ (22,384 )    $ (44,564 )    $ (5,989 ) 

Add:

               

Low-income housing tax credit partnerships

     —         —        —        —        4,155       453       469  

Total interest expense

     51,431        61,349       79,988       92,131       22,150       33,332       38,482  

Interest factor in rental expenses

     3        3       4       5       7       8       7  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss), as adjusted

   $ 57,567      $ 55,105     $ 74,326     $ 77,254     $ 3,928     $ (10,771 )    $ 32,969  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

               

Total interest expense

   $ 51,431      $ 61,349     $ 79,988     $ 92,131     $ 22,150     $ 33,332     $ 38,482  

Interest factor in rental expenses

     3        3       4       5       7       8       7  

Capitalized interest

     —         —        —        —        —        —        —   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   $ 51,434      $ 61,352     $ 79,992     $ 92,136     $ 22,157     $ 33,340     $ 38,489  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Senior preferred stock and preferred stock dividends(1)

      5,421        4,840       6,498       5,749       4,105       675       398  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges including preferred stock dividends

   $ 56,855      $ 66,192     $ 86,490     $ 97,885     $ 26,262     $ 34,015     $ 38,887  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(2)

      1.12        —        —        —        —        —        —   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      1.01        —        —        —        —        —        —   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

(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 $6.2 billion, $5.7 billion, $14.9 billion, $18.2 billion, $44.1 billion, and $5.5 billion for the nine months ended September 30, 2011 and for the years ended December 31, 2011, 2010, 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 $11.1 billion, $12.2 billion, $20.6 billion, $22.3 billion, $44.8 billion, and $5.9 billion for the nine months ended September 30, 2011 and for the years ended December 31, 2011, 2010, 2009, 2008, and 2007, respectively.