EX-12.1 5 a2061825zex-12_1.txt EXHIBIT 12.1 Exhibit 12.1 SLM HOLDING CORPORATION RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (DOLLARS IN THOUSANDS)
------------------------------------------------------- 1996 1997 1998 1999 ----------- ---------- ---------- ---------- Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries $ 600,327 $ 759,748 $ 750,131 $ 751,652 Add: Fixed charges 2,600,048 2,544,584 1,948,995 2,140,588 Less: Other adjustments (711) -- -- -- Less: Preferred dividends (16,452) (18,428) (23,998) (25,803) ---------- ---------- ---------- ---------- TOTAL EARNINGS $3,183,212 $3,285,904 $2,675,128 $2,866,437 ========== ========== ========== ========== Fixed charges Interest expense $2,582,885 $2,526,156 $1,924,997 $2,114,785 Preferred dividends 16,452 18,428 23,998 25,803 Other adjustments 711 -- -- -- ---------- ---------- ---------- ---------- TOTAL FIXED CHARGES $2,600,048 $2,544,584 $1,948,995 $2,140,588 ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.22 1.29 1.37 1.34 ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES 1.23 1.29 1.38 1.34 ========== ========== ========== =========== SIX MONTHS ENDED JUNE 30, ------------------------- 2000 2000 2001 ----------- ---------- ---------- Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries $ 711,591 $ 415,795 $ 493,399 Add: Fixed charges 2,879,548 1,324,488 1,283,090 Less: Other adjustments -- -- -- Less: Preferred dividends (42,677) (21,234) (20,780) ---------- ---------- ---------- TOTAL EARNINGS $3,548,462 $1,719,049 $1,755,709 ========== ========== ========== Fixed charges Interest expense $2,836,871 $1,303,254 $1,262,310 Preferred dividends 42,677 21,234 20,780 Other adjustments -- -- -- ---------- ---------- ---------- TOTAL FIXED CHARGES $2,879,548 $1,324,488 $1,283,090 ========== ========== =========== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.23 1.30 1.37 ========== ========== =========== RATIO OF EARNINGS TO FIXED CHARGES 1.24 1.30 1.37 ========== =========== ===========
For purposes of the "earnings" computation, "other adjustments" includes the capitalized interest cost. For purposes of the "fixed charges" computation, other adjustments includes the capitalized interest cost.
Preference Security Dividend Amount of Dividend $10,694 $11,978 $15,599 $15,334 Amount of Dividend $ 1,438 1- Tax Rate 0.65 0.65 0.65 0.65 ---------- ---------- ---------- ---------- Pre-tax earnings required to pay dividend 16,452 18,428 23,998 25,803 Preference Security Dividend Amount of Dividend $16,218 $ 8,009 $ 7,757 Amount of Dividend $11,522 $ 5,793 $ 5,750 1- Tax Rate 0.65 0.65 0.65 ------- ------- ------- Pre-tax earnings required to pay dividend 42,677 21,234 20,780
REGULATION S-K (Section 229.601) STATEMENTS RE COMPUTATION OF RATIOS in reasonable detail, the computation of any ratio of earnings to fixed charges or to combined fixed charges & preferred stock dividends or any other ratios which appear in the registration statement. - must disclose for last 5 years EARNINGS CALC: (PER REG S-K Section 229.503 (d) (3))