EX-12 14 k48447exv12.htm EX-12 exv12
Exhibit 12
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES
     The following table sets forth our ratio of earnings to fixed charges and preferred stock dividends for the periods indicated:
                                                 
    Six Months        
    Ended        
    June 30,     Year Ended December 31,  
    2009     2008     2007     2006     2005     2004  
 
                                                
Income (loss) from continuing operations, before income tax
     (407,444 )     (322,082 )     132,147       82,655       112,106       81,269  
 
                                                
Fixed charges:
                                                
Interest on short-term borrowings
     148       8,029       34,316       16,017       25,929       9,574  
Interest on long-term debt
     49,698       123,067       134,222       46,083       36,417       33,618  
Estimated interest component of net rental expense
     926       1,992       2,258       1,120       1,196       1,040  
Preferred stock dividend requirements
     9,652       9,617       —       —       —       —  
 
                                    
Combined fixed charges and preferred stock dividends, excluding interest on deposits
     60,424       142,705       170,796       63,220       63,542       44,232  
 
                                                
Interest on deposits
     89,428       220,883       257,194       147,132       85,154       63,389  
 
                                    
Combined fixed charges and preferred stock dividends, including interest on deposits
     149,852       363,588       427,990       210,352       148,696       107,621  
 
                                    
 
                                                
Ratio of earnings to combined fixed charges and preferred stock dividend requirements:                                
Excluding interest on deposits (a)
     — (b)     —       1.77       2.31       2.76       2.84  
Including interest on deposits (a)
     —       0.11       1.31       1.39       1.75       1.76  
 
(a)   For the six months ended June 30, 2009, earnings were insufficient to cover fixed charges including or excluding interest on deposits by $407.4 million.
 
(b)   For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $322.1 million.
     For purposes of computing the above ratios, earnings represent net income from continuing operations before income tax provision. Fixed charges, excluding interest on deposits, include interest on short-term borrowings and long-term debt, amortization of debt expense, and one-third of net rental expense (which we believe is representative of the interest factor). Fixed charges, including interest on deposits, include all of the items listed above plus interest on deposits.