EX-12.1 4 exhibit121calculationofrat.htm EXHIBIT 12.1 Exhibit 12.1 Calculation of Ratios (2015)


Exhibit 12.1

Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
The following table sets forth the calculation of our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown (in millions):

 
 
For the three months ended March 31, 2015
 
Fiscal Year
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges 1
 
$
86

 
$
372

 
$
536

 
$
512

 
$
285

 
$
76

Net (loss) income available to common shareholders before provision for income taxes
 
(259
)
 
(256
)
 
1,258

 
1,286

 
776

 
288

Earnings
 
$
(173
)
 
$
116

 
$
1,794

 
$
1,798

 
$
1,061

 
$
364

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
(2.01)

 
0.31

 
3.35

 
3.51

 
3.72

 
4.79

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges 1
 
$
86

 
$
372

 
$
536

 
$
512

 
$
285

 
$
76

Preferred stock dividends 2
 
7

 
23

 
14

 
10

 
—

 
—

Combined fixed charges and preferred stock dividends
 
93

 
395

 
550

 
522

 
285

 
76

Net (loss) income available to common shareholders before provision for income taxes
 
(259
)
 
(256
)
 
1,258

 
1,286

 
776

 
288

Earnings
 
$
(166
)
 
$
139

 
$
1,808

 
$
1,808

 
$
1,061

 
$
364

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
(1.78)

 
0.35

 
3.29

 
3.46

 
3.72

 
4.79

_________________________
1.
Fixed charges consist of interest expense on all indebtedness.
2.
No preferred stock was outstanding during fiscal years 2011 and 2010.