EX-12 2 a09-31015_1ex12.htm EX-12

Exhibit 12

 

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements

(in thousands, except ratios)

 

 

 

Nine Months Ended

 

Year Ended December 31,

 

 

 

September 30, 2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes (1)

 

$

16,327

 

$

157,739

 

$

362,229

 

$

372,844

 

$

382,231

 

$

334,743

 

Equity investee income

 

(1,586

)

(3,633

)

(6,983

)

(5,647

)

(2,068

)

(1,168

)

Equity investee distributions

 

1,824

 

3,914

 

6,629

 

4,844

 

2,234

 

1,337

 

Preferred dividends of consolidated subsidiaries

 

(2,793

)

(3,145

)

(3,434

)

(3,407

)

(3,478

)

(3,462

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (2)

 

14,586

 

62,958

 

72,416

 

63,700

 

32,712

 

16,607

 

Interest within rental expense

 

9,155

 

11,913

 

10,300

 

9,644

 

8,439

 

8,535

 

Preferred dividends of consolidated subsidiaries

 

2,793

 

3,145

 

3,434

 

3,407

 

3,478

 

3,462

 

Total fixed charges

 

$

26,534

 

$

78,016

 

$

86,150

 

$

76,751

 

$

44,629

 

$

28,604

 

Total earnings and fixed charges

 

$

40,306

 

$

232,891

 

$

444,591

 

$

445,385

 

$

423,548

 

$

360,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as above

 

26,534

 

$

78,016

 

$

86,150

 

$

76,751

 

$

44,629

 

$

28,604

 

Preferred stock dividends

 

25,787

 

3,225

 

—

 

—

 

—

 

—

 

Fixed charges including preferred stock dividends

 

$

52,321

 

$

81,241

 

$

86,150

 

$

76,751

 

$

44,629

 

$

28,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividend requirements

 

0.77

 

2.87

 

5.16

 

5.80

 

9.49

 

12.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Including interest on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings and fixed charges, as above

 

$

40,306

 

$

232,891

 

$

444,591

 

$

445,385

 

$

423,548

 

$

360,054

 

Add: Interest on deposits

 

48,483

 

122,990

 

214,680

 

159,024

 

76,045

 

44,258

 

Total earnings, fixed charges and interest on deposits

 

$

88,789

 

$

355,881

 

$

659,271

 

$

604,409

 

$

499,593

 

$

404,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, including preferred stock dividends, as above

 

$

52,321

 

$

81,241

 

$

86,150

 

$

76,751

 

$

44,629

 

$

28,604

 

Add: Interest on deposits

 

48,483

 

122,990

 

214,680

 

159,024

 

76,045

 

44,258

 

Total fixed charges including preferred stock dividends and interest on deposits

 

$

100,804

 

$

204,231

 

$

300,830

 

$

235,775

 

$

120,674

 

$

72,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividend requirements

 

0.88

 

1.74

 

2.19

 

2.56

 

4.14

 

5.55

 

 

(1) Prior period amounts have been reclassified to conform to current period presentation.

(2) Includes interest expense on uncertain tax positions.