EX-12 3 ex12-1.txt EXHIBIT 12.1 EXHIBIT 12.1 FIRST TENNESSEE NATIONAL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (WITHOUT INTEREST ON DEPOSITS) (DOLLARS IN THOUSANDS) (UNAUDITED)
2002 2001 2000 1999 1998 -------- -------- -------- -------- -------- Earnings (as defined in Item 503 of Regulation S-K): Earnings before income taxes and equity in undistributed net income (loss) of subsidiaries $552,166 $484,258 $335,830 $379,260 $352,922 Fixed charges excluding capitalized interest 128,774 204,932 292,622 243,831 235,949 Amortization of capitalized interest 3,748 3,606 3,606 2,095 169 Distributed income of equity investees 4,871 352 - - - -------- -------- -------- -------- -------- Earnings as defined $689,559 $693,148 $632,058 $625,186 $589,040 ======== ======== ======== ======== ======== Fixed charges (as defined in Item 503 of Regulation S-K): Interest expense $ 96,241 $175,694 $264,265 $217,921 $216,603 Capitalized interest 7,613 844 54 3,445 14,796 Amortization of debt issue costs 76 76 76 71 71 Estimate of interest component of rental expense net of income from subleases 19,823 16,557 19,033 17,769 11,205 Trust preferred security expense 8,070 8,070 8,070 8,070 8,070 Preferred security dividends 4,564 4,535 1,178 - - -------- -------- -------- -------- -------- Fixed charges as defined $136,387 $205,776 $292,676 $247,276 $250,745 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 5.06x 3.37x 2.16x 2.53x 2.35x ======== ======== ======== ======== ========
FIRST TENNESSEE NATIONAL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (WITH INTEREST ON DEPOSITS) (DOLLARS IN THOUSANDS) (UNAUDITED)
2002 2001 2000 1999 1998 -------- ---------- ---------- ---------- -------- Earnings (as defined in Item 503 of Regulation S-K): Earnings before income taxes and equity in undistributed net income (loss) of subsidiaries $552,166 $ 484,258 $ 335,830 $ 379,260 $352,922 Fixed charges excluding capitalized interest 319,114 541,834 793,052 643,564 612,584 Amortization of capitalized interest 3,748 3,606 3,606 2,095 169 Distributed income of equity investees 4,871 352 - - - -------- ---------- ---------- ---------- -------- Earnings as defined $879,899 $1,030,050 $1,132,488 $1,024,919 $965,675 ======== ========== ========== ========== ======== Fixed charges (as defined in Item 503 of Regulation S-K): Interest expense $286,581 $ 512,596 $ 764,695 $ 617,654 $593,238 Capitalized interest 7,613 844 54 3,445 14,796 Amortization of debt issue costs 76 76 76 71 71 Estimate of interest component of rental expense net of income from subleases 19,823 16,557 19,033 17,769 11,205 Trust preferred security expense 8,070 8,070 8,070 8,070 8,070 Preferred security dividends 4,564 4,535 1,178 - - -------- ---------- ---------- ---------- -------- Fixed charges as defined $326,727 $ 542,678 $ 793,106 $ 647,009 $627,380 ======== ========== ========== ========== ======== Ratio of earnings to fixed charges 2.69x 1.90x 1.43x 1.58x 1.54x ======== ========== ========== ========== ========