EX-12 8 exhibit12-ratioofearningst.htm RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 - Ratio of earnings to fixed charges 2014


EXHIBIT 12

RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

The following table sets forth certain information regarding our consolidated ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends. Fixed charges represent interest expense, a portion of rent expense representative of interest, trust-preferred securities related expense and amortization of debt issuance costs.
(Dollar amounts in thousands)
 
Year ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
123,175

 
$
185,391

 
$
225,482

 
$
303,769

 
$
395,961

Portion of rents representative of an interest factor
 
19,732

 
19,468

 
19,568

 
19,285

 
19,886

Fixed charges excluding interest on deposits
 
142,907

 
204,859

 
245,050

 
323,054

 
415,847

Interest on deposits
 
49,823

 
59,686

 
81,300

 
128,627

 
196,495

Fixed charges including interest on deposits
 
$
192,730

 
$
264,545

 
$
326,350

 
$
451,681

 
$
612,342

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
123,175

 
$
185,391

 
$
225,482

 
$
303,769

 
$
395,961

Portion of rents representative of an interest factor
 
19,732

 
19,468

 
19,568

 
19,285

 
19,886

Preferred stock dividend requirement
 
112,123

 
147,281

 
265,450

 
274,928

 
122,884

Fixed charges and preferred stock dividends excluding interest on deposits
 
255,030

 
352,140

 
510,500

 
597,982

 
538,731

Interest on deposits
 
49,823

 
59,686

 
81,300

 
128,627

 
196,495

Fixed charges and preferred stock dividends including interest on deposits
 
$
304,853

 
$
411,826

 
$
591,800

 
$
726,609

 
$
735,226

 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
621,423

 
$
406,432

 
$
541,566

 
$
521,273

 
$
(403,168
)
Equity in undistributed earnings of unconsolidated subsidiaries
 
(7,996
)
 
(11,066
)
 
(13,983
)
 
(5,956
)
 
(6,757
)
Fixed charges excluding interest on deposits
 
142,907

 
204,859

 
245,050

 
323,054

 
415,847

Earnings excluding interest on deposits
 
756,334

 
600,225

 
772,633

 
838,371

 
5,922

Interest on deposits
 
49,823

 
59,686

 
81,300

 
128,627

 
196,495

Earnings including interest on deposits
 
$
806,157

 
$
659,911

 
$
853,933

 
$
966,998

 
$
202,417

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
5.29

 
2.93

 
3.15

 
2.60

 
 (a)

Including interest on deposits
 
4.18

 
2.49

 
2.62

 
2.14

 
 (a)

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
2.97

 
1.70

 
1.51

 
1.40

 
 (a)

Including interest on deposits
 
2.64

 
1.60

 
1.44

 
1.33

 
 (a)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Ratio is less than one; earnings are inadequate to cover fixed charges. The dollar amount of the coverage deficiency for the affected periods is presented is presented below. The amount is the same whether including or excluding interest on deposits:
 
 
 
 
 
 
 
 
 
 
Coverage deficiency – earnings to fixed charges
 
 
 
 
 
 
 
 
 
$
(409,925
)
Coverage deficiency – earnings to fixed charges and preferred stock dividends
 
 
 
 
 
 
 
 
 
(532,809
)