EX-12.1 2 bk4q201610-kex121_4q16.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK D Exhibit


Exhibit 12.1




COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

The Bank of New York Mellon Corporation

 
Year ended Dec. 31,
(dollar amounts in millions)
2016

2015

2014

2013

2012

Earnings
 
 
 
 
 
Income before income taxes
$
4,725

$
4,235

$
3,563

$
3,777

$
3,357

Net (income) attributable to noncontrolling interests
(1
)
(64
)
(84
)
(81
)
(78
)
Income before income taxes attributable to shareholders of The Bank of New York Mellon Corporation
4,724

4,171

3,479

3,696

3,279

Fixed charges, excluding interest on deposits
521

373

380

349

484

Income from income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation
5,245

4,544

3,859

4,045

3,763

Interest on deposits
16

37

83

105

154

Income before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation
$
5,261

$
4,581

$
3,942

$
4,150

$
3,917

Fixed charges
 
 
 
 
 
Interest expense, excluding interest on deposits
$
421

$
263

$
271

$
238

$
380

One-third net rental expense (a)
100

110

109

111

104

Total fixed charges, excluding interest on deposits
521

373

380

349

484

Interest on deposits
16

37

83

105

154

Total fixed charges, including interests on deposits
$
537

$
410

$
463

$
454

$
638

Preferred stock dividends (b)
$
122

$
105

$
73

$
64

$
18

Total fixed charges and preferred stock dividends, excluding interest on deposits
$
643

$
478

$
453

$
413

$
502

Total fixed charges and preferred stock dividends, including interest on deposits
$
659

$
515

$
536

$
518

$
656

 
 
 
 
 
 
Earnings to fixed charges ratios
 
 
 
 
 
Excluding interest on deposits
10.07

12.18

10.16

11.59

7.77

Including interest on deposits
9.80

11.17

8.51

9.14

6.14

 
 
 
 
 
 
Earnings to fixed charges and preferred stock dividends ratios (b)
 
 
 
 
 
Excluding interest on deposits
8.16

9.51

8.52

9.79

7.50

Including interest on deposits
7.98

8.90

7.35

8.01

5.97

(a)
The proportion deemed representative of the interest factor.
(b)
Dividends were paid in 2016, 2015, 2014, 2013 and 2012 on the Series A and Series C preferred stock, which were issued in 2012. Dividends paid in 2016, 2015, 2014 and 2013 also include the Series D preferred stock, which was issued in 2013. Dividends paid in 2016 and 2015 also include the Series E preferred stock, which was issued in 2015.