EX-12.1 5 a06-2962_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

EXHIBIT 12.1

 

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES

COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

 

The following table sets forth the ratio of 2005 earnings to fixed charges of the Company for the years ended December 31, 2005, 2004, 2003, and 2002, and the ten-month period ended December 31, 2001, computed by dividing net fixed charges (interest expense on all debt plus the interest element (one-third) of operating leases) into earnings (earnings before income taxes and fixed charges).

 

 

 

Years Ended December 31,

 

Ten Months Ended
December 31,

 

(Dollars are in thousands)

 

2005

 

2004

 

2003

 

2002

 

2001

 

Net earnings

 

$

2,528,090

 

$

2,197,574

 

$

2,372,950

 

$

841,779

 

$

486,006

 

Income tax expense

 

1,619,676

 

1,398,299

 

1,472,822

 

501,244

 

302,613

 

Interest expense

 

5,616,425

 

2,608,338

 

1,940,207

 

1,461,066

 

1,474,719

 

Interest portion of rental expense

 

62,104

 

53,562

 

36,565

 

26,671

 

16,201

 

Earnings available to cover fixed charges

 

$

9,826,295

 

$

6,257,773

 

$

5,822,544

 

$

2,830,760

 

$

2,279,539

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

5,616,425

 

$

2,608,338

 

$

1,940,207

 

$

1,461,066

 

$

1,474,719

 

Interest portion of rental expense

 

62,104

 

53,562

 

36,565

 

26,671

 

16,201

 

Total fixed charges

 

$

5,678,529

 

$

2,661,900

 

$

1,976,772

 

$

1,487,737

 

$

1,490,920

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.73

 

2.35

 

2.95

 

1.90

 

1.53