EX-12 11 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

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 dividend. Fixed charges represent interest expense, a portion of rent expense representative of interest, trust-preferred securities related expense, and amortization of debt issuance costs.

 

     Year ended December 31,
(In thousands, except ratio amounts)    2006
    2005
    2004
    2003
    2002

Fixed Charges:

                           

Interest expense excluding deposits

    $ 303,689     195,169     143,447     116,606     134,797 

Portion of rents representative of an interest factor

      17,182     13,871     13,528     12,825     10,782 
    
  
  
  
  

Fixed charges excluding interest on deposits

      320,871     209,040     156,975     129,431     145,579 

Interest on deposits

      749,708     353,737     187,195     187,288     285,980 
    
  
  
  
  

Fixed charges including interest on deposits

    $ 1,070,579     562,777     344,170     316,719     431,559 
    
  
  
  
  

Fixed Charges and Preferred Stock Dividend:

                           

Interest expense excluding deposits

    $ 303,689     195,169     143,447     116,606     134,797 

Portion of rents representative of an interest factor

      17,182     13,871     13,528     12,825     10,782 

Preferred stock dividend requirement

      5,927     –     –     –     – 
    
  
  
  
  

Fixed charges and preferred stock dividend excluding interest on deposits

      326,798     209,040     156,975     129,431     145,579 

Interest on deposits

      749,708     353,737     187,195     187,288     285,980 
    
  
  
  
  

Fixed charges and preferred stock dividend including interest on deposits

    $ 1,076,506     562,777     344,170     316,719     431,559 
    
  
  
  
  

Earnings:

                           

Income from continuing operations before income taxes

    $ 912,924     741,887     624,391     546,159     481,149 

Equity in undistributed earnings of unconsolidated subsidiaries

      (5,800)    (7,161)    (6,943)    (8,748)    (12,047)

Fixed charges excluding interest on deposits

      320,871     209,040     156,975     129,431     145,579 
    
  
  
  
  

Earnings excluding interest on deposits

      1,227,995     943,766     774,423     666,842     614,681 

Interest on deposits

      749,708     353,737     187,195     187,288     285,980 
    
  
  
  
  

Earnings including interest on deposits

    $   1,977,703     1,297,503     961,618     854,130     900,661 
    
  
  
  
  

Ratio of earnings to fixed charges:

                           

Excluding interest on deposits

      3.83     4.51     4.93     5.15     4.22 

Including interest on deposits

      1.85     2.31     2.79     2.70     2.09 

Ratio of earnings to fixed charges and preferred stock dividend:

                           

Excluding interest on deposits

      3.76     4.51     4.93     5.15     4.22 

Including interest on deposits

      1.84     2.31     2.79     2.70     2.09