EX-12 2 a10-12794_1ex12.htm EX-12

Exhibit 12

 

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements

(in thousands, except ratios)

 

 

 

Six Months Ended

 

Year Ended December 31,

 

 

 

June 30, 2010

 

2009

 

2008

 

2007

 

2006

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes (1)

 

$

60,875

 

$

50,163

 

$

157,739

 

$

362,229

 

$

372,844

 

$

382,231

 

Equity investee income

 

(4,453

)

(3,545

)

(3,633

)

(6,983

)

(5,647

)

(2,068

)

Equity investee distributions

 

3,983

 

2,827

 

3,914

 

6,629

 

4,844

 

2,234

 

Preferred dividends of consolidated subsidiaries

 

(1,840

)

(3,725

)

(3,145

)

(3,434

)

(3,407

)

(3,478

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (2)

 

27,614

 

24,319

 

62,958

 

72,416

 

63,700

 

32,712

 

Interest within rental expense

 

6,394

 

12,286

 

11,913

 

10,300

 

9,644

 

8,439

 

Preferred dividends of consolidated subsidiaries

 

1,840

 

3,725

 

3,145

 

3,434

 

3,407

 

3,478

 

Total fixed charges

 

$

35,848

 

$

40,330

 

$

78,016

 

$

86,150

 

$

76,751

 

$

44,629

 

Total earnings and fixed charges

 

$

94,413

 

$

86,050

 

$

232,891

 

$

444,591

 

$

445,385

 

$

423,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as above

 

35,848

 

40,330

 

$

78,016

 

$

86,150

 

$

76,751

 

$

44,629

 

Preferred stock dividends

 

3,008

 

34,285

 

3,225

 

—

 

—

 

—

 

Fixed charges including preferred stock dividends

 

$

38,856

 

$

74,615

 

$

81,241

 

$

86,150

 

$

76,751

 

$

44,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividend requirements

 

2.43

 

1.15

 

2.87

 

5.16

 

5.80

 

9.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Including interest on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings and fixed charges, as above

 

$

94,413

 

$

86,050

 

$

232,891

 

$

444,591

 

$

445,385

 

$

423,548

 

Add: Interest on deposits

 

25,748

 

60,429

 

122,990

 

214,680

 

159,024

 

76,045

 

Total earnings, fixed charges and interest on deposits

 

$

120,161

 

$

146,479

 

$

355,881

 

$

659,271

 

$

604,409

 

$

499,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, including preferred stock dividends, as above

 

$

38,856

 

$

74,615

 

$

81,241

 

$

86,150

 

$

76,751

 

$

44,629

 

Add: Interest on deposits

 

25,748

 

60,429

 

122,990

 

214,680

 

159,024

 

76,045

 

Total fixed charges including preferred stock dividends and interest on deposits

 

$

64,604

 

$

135,044

 

$

204,231

 

$

300,830

 

$

235,775

 

$

120,674

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividend requirements

 

1.86

 

1.08

 

1.74

 

2.19

 

2.56

 

4.14

 

 

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

(2) Includes interest expense on uncertain tax positions.