EX-12.1 2 form10-k_ex121x4q17.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)
2017

2016

2015

2014

2013

Earnings
 
 
 
 
 
Income before income taxes
$
4,610

$
4,725

$
4,235

$
3,563

$
3,777

Net (income) attributable to noncontrolling interests
(24
)
(1
)
(64
)
(84
)
(81
)
Income before income taxes attributable to shareholders of The Bank of New York Mellon Corporation
4,586

4,724

4,171

3,479

3,696

Fixed charges, excluding interest on deposits
1,007

521

373

380

349

Income from income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation
5,593

5,245

4,544

3,859

4,045

Interest on deposits
162

16

37

83

105

Income before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation
$
5,755

$
5,261

$
4,581

$
3,942

$
4,150

Fixed charges
 
 
 
 
 
Interest expense, excluding interest on deposits
$
912

$
421

$
263

$
271

$
238

One-third net rental expense (a)
95

100

110

109

111

Total fixed charges, excluding interest on deposits
1,007

521

373

380

349

Interest on deposits
162

16

37

83

105

Total fixed charges, including interests on deposits
$
1,169

$
537

$
410

$
463

$
454

Preferred stock dividends (b)
$
175

$
122

$
105

$
73

$
64

Total fixed charges and preferred stock dividends, excluding interest on deposits
$
1,182

$
643

$
478

$
453

$
413

Total fixed charges and preferred stock dividends, including interest on deposits
$
1,344

$
659

$
515

$
536

$
518

 
 
 
 
 
 
Earnings to fixed charges ratios
 
 
 
 
 
Excluding interest on deposits
5.55

10.07

12.18

10.16

11.59

Including interest on deposits
4.92

9.80

11.17

8.51

9.14

 
 
 
 
 
 
Earnings to fixed charges and preferred stock dividends ratios (b)
 
 
 
 
 
Excluding interest on deposits
4.73

8.16

9.51

8.52

9.79

Including interest on deposits
4.28

7.98

8.90

7.35

8.01

(a)
The proportion deemed representative of the interest factor.
(b)
Dividends paid in all periods presented include the Series A, Series C and Series D preferred stock. Dividends paid in 2017, 2016 and 2015 also include the Series E preferred stock, which was issued in 2015. Dividends paid in 2017 also include the Series F preferred stock, which was issued in 2016.