EX-12.1 2 a50177769ex12_1.htm EXHIBIT 12.1 a50177769ex12_1.htm
Exhibit 12.1


Ratio of Earnings To Combined Fixed Charges And Preferred Stock Dividends and Ratio of Earnings to Fixed Charges

The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock dividends for the years shown (dollars in thousands):

   
For the Year Ended December 31,
  
   
2011
    
2010
    
2009
    
2008
    
2007
  
                               
Net income before income taxes and noncontrolling interest
     402,372       1,299,769       1,996,104       372,157       423,254  
Add:  Fixed charges (Interest expense)
     1,362,721       1,163,332       1,295,762       1,888,912       1,926,465  
Earnings as adjusted
     1,765,093       2,463,101       3,291,866       2,261,069       2,349,719  
Fixed charges (interest expense) + preferred stock dividend
     1,379,575       1,181,365       1,314,263       1,910,089       1,947,958  
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.28       2.08       2.50       1.18       1.21  
Ratio of earnings to fixed charges       1.30       2.12       2.54       1.20       1.22