EX-12 2 a2223128zex-12.htm EX-12
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Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)

 
   Year Ended December 31,  
 
   2014   2013   2012   2011   2010  

Excluding interest on deposits

                                

Income before income taxes

  
$
377,797		  
$
327,135		  
$
307,955		  
$
253,616		  
$
161,152		  

Equity investee income

     (10,250 )   (16,650 )   (11,000 )   (12,720 )   (10,207 )

Equity investee distributions

     14,468     9,698     8,234     9,428     8,084  

Preferred dividends of consolidated subsidiaries

     —     —     —     (2,885 )   (3,681 )

Fixed charges:

                                

Interest expense (1)

     40,565     44,466     41,881     36,831     52,036  

Interest within rental expense          

     15,119     16,095     15,195     13,015     13,149  

Preferred dividends of consolidated subsidiaries

     —     —     —     2,885     3,681  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

     55,684     60,561     57,076     52,731     68,866  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings and fixed charges

   $ 437,699   $ 380,744   $ 362,265   $ 300,170   $ 224,214  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges, as above

   $ 55,684   $ 60,561   $ 57,076   $ 52,731   $ 68,866  

Preferred stock dividends

     28,150     16,547     —     —     3,008  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges including preferred stock dividends

   $ 83,834   $ 77,108   $ 57,076   $ 52,731   $ 71,874  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges and preferred stock dividend requirements

     5.22     4.94     6.35     5.69     3.12  

Including interest on deposits

    
 		    
 		    
 		    
 		    
 		  

Total earnings and fixed charges, as above

  
$
437,699		  
$
380,744		  
$
362,265		  
$
300,170		  
$
224,214		  

Add: Interest on deposits

     8,271     11,114     14,042     33,685     49,030  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings, fixed charges and interest on deposits

   $ 445,970   $ 391,858   $ 376,307   $ 333,855   $ 273,244  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges, including preferred stock dividends, as above

   $ 83,834   $ 77,108   $ 57,076   $ 52,731   $ 71,874  

Add: Interest on deposits

     8,271     11,114     14,042     33,685     49,030  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges including preferred stock dividends and interest on deposits        

   $ 92,105   $ 88,222   $ 71,118   $ 86,416   $ 120,904  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges and preferred stock dividend requirements

     4.84     4.44     5.29     3.86     2.26  
(1)
Includes interest expense on uncertain tax positions.



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Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements (in thousands, except ratios)