EX-12.2 9 d453671dex122.htm EXHIBIT 12.2 Exhibit 12.2

Exhibit 12.2

Consolidated Combined Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements

The ratio of earnings to combined fixed charges and preferred stock dividend requirements is calculated by dividing (i) income from continuing operations before income tax expense and fixed charges by (ii) combined fixed charges and preferred stock dividend requirements. For purposes of computing these ratios, earnings consists of income from continuing operations before income tax expense plus fixed charges. Fixed charges consist of interest expense on deposits and borrowings, and one-third of rent expense, which approximates the estimated interest portion of rent expense. These ratios are presented both including and excluding interest on deposits. Fixed charges excluding interest on deposits consist of interest on borrowings and one-third of rent expense, which approximates the interest component of rent expense. Fixed charges including interest on deposits consist of the preceding items plus interest on deposits.

 

Years ended December 31 (in millions, except ratios)

    2012      2011      2010      2009      2008  

Earnings:

               

Income from continuing operations before income tax expense

    $ 362.7       $ 285.4       $ 122.0       $ 144.3       $ 204.8   

Fixed charges including interest on deposits

      120.7         141.3         139.3         199.0         289.9   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings including interest on deposits

      483.4         426.7         261.3         343.3         494.7   

Less interest on deposits

      90.8         107.4         112.8         173.4         262.1   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings excluding interest on deposits

    $ 392.6       $ 319.3       $ 148.5       $ 169.9       $ 232.6   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges:

               

Interest on deposits

    $ 90.8       $ 107.4       $ 112.8       $ 173.4       $ 262.1   

Interest on borrowings

      15.4         21.1         17.0         16.6         18.7   

Estimated interest component of rent expense

      14.5         12.8         9.5         9.0         9.1   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges including interest on deposits

      120.7         141.3         139.3         199.0         289.9   

Preferred stock dividend requirements

      —           —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Combined fixed charges and preferred stock dividend requirements including interest on deposits

      120.7         141.3         139.3         199.0         289.9   

Less interest on deposits

      90.8         107.4         112.8         173.4         262.1   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Combined fixed charges and preferred stock dividend requirements excluding interest on deposits

    $ 29.9       $ 33.9       $ 26.5       $ 25.6       $ 27.8   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to combined fixed charges and preferred stock dividend requirements:

               

Excluding interest on deposits

      13.13x         9.42x         5.60x         6.64x         8.37x   

Including interest on deposits

      4.00x         3.02x         1.88x         1.73x         1.71x