EX-12.01 5 a11-32017_1ex12d01.htm EX-12.01

Exhibit 12.01

 

Computation of Ratio of Earnings to Fixed Charges

 

Earnings to Fixed Charges

 

 

 

Years ended December 31,

 

(Dollars in thousands)

 

2011

 

2010

 

2009

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income before assessments

 

$

302,623

 

$

375,501

 

$

777,695

 

$

353,608

 

$

441,085

 

Fixed Charges

 

445,579

 

623,824

 

1,158,079

 

3,365,381

 

4,277,118

 

Total Earnings

 

$

748,202

 

$

999,325

 

$

1,935,774

 

$

3,718,989

 

$

4,718,203

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

444,579

 

$

622,824

 

$

1,157,079

 

$

3,364,381

 

$

4,276,118

 

Estimated interest component of other expenses

 

1,000

 

1,000

 

1,000

 

1,000

 

1,000

 

Total Fixed Charges

 

$

445,579

 

$

623,824

 

$

1,158,079

 

$

3,365,381

 

$

4,277,118

 

Ratio of Earnings to Fixed Charges

 

1.68

 

1.60

 

1.67

 

1.11

 

1.10