EX-12.1 11 ever-123114x10kex121.htm RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS EVER-12.31.14-10K Ex 12.1


Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The table below sets forth our consolidated ratios of earnings to fixed charges and preferred stock dividends for the periods presented:
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
Excluding Interest on Deposits:
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
Interest expense (excluding interest on deposits)
$
67,048

 
$
75,020

 
$
52,977

 
$
38,899

 
$
45,758

Interest factor in rent expense
6,305

 
6,631

 
5,821

 
4,378

 
3,991

Dividends on preferred stock (2)
16,312

 
16,146

 
2,335

 
—

 
—

Total fixed charges
$
89,665

 
$
97,797

 
$
61,133

 
$
43,277

 
$
49,749

 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes
$
238,571

 
$
218,040

 
$
115,997

 
$
81,514

 
$
249,873

Fixed charges (1)
89,665

 
97,797

 
61,133

 
43,277

 
49,749

Dividends on preferred stock (2)
(16,312
)
 
(16,146
)
 
(2,335
)
 
—

 
—

Total Earnings
$
311,924

 
$
299,691

 
$
174,795

 
$
124,791

 
$
299,622

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges, excluding interest on deposits
3.5

 
3.1

 
2.9

 
2.9

 
6.0

 
 
 
 
 
 
 
 
 
 
Including Interest on Deposits:
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
Interest expense
$
168,960

 
$
176,772

 
$
141,762

 
$
135,910

 
$
147,167

Interest factor in rent expense
6,305

 
6,631

 
5,821

 
4,378

 
3,991

Dividends on preferred stock (2)
16,312

 
16,146

 
2,335

 
—

 
—

Total fixed charges
$
191,577

 
$
199,549

 
$
149,918

 
$
140,288

 
$
151,158

 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes
$
238,571

 
$
218,040

 
$
115,997

 
$
81,514

 
$
249,873

Fixed charges (1)
191,577

 
199,549

 
149,918

 
140,288

 
151,158

Dividends on preferred stock (2)
(16,312
)
 
(16,146
)
 
(2,335
)
 
—

 
—

Total Earnings
$
413,836

 
$
401,443

 
$
263,580

 
$
221,802

 
$
401,031

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges, including interest on deposits
2.2

 
2.0

 
1.8

 
1.6

 
2.7

(1)     Preferred share dividends paid on private shares are excluded.
(2)    Dividends on preferred stock have been grossed up by the effective tax rate for the period.
The term "fixed charges" means the sum of the following: (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness, (c) an estimate of the interest within rental expense, and (d) preference security dividend requirements of consolidated subsidiaries.
The term "earnings" is the amount resulting from adding and subtracting the following items. Add the following: (a) pre-tax income from continuing operations before adjustment for income or loss from equity investees; (b) fixed charges; (c) amortization of capitalized interest; (d) distributed income of equity investees; and (e) your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges. From the total of the added items, subtract the following: (a) interest capitalized; (b) preference security dividend requirements of consolidated subsidiaries; and (c) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.


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