EX-12 3 exh12.txt EXHIBIT 12 ----------
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES THREE MONTHS ENDED DECEMBER 31, (in thousands) 2003 2002 ---------------------------------------------------------------------------------------------------- Income before taxes and cumulative effect of an accounting change $235,940 $148,726 Add fixed charges: Interest expense-excluding interest on deposits 7,676 3,876 Interest expense-deposits 1,142 1,807 Interest factor on rent /1 3,371 5,402 ---------------------------------------------------------------------------------------------------- Total fixed charges 12,189 11,085 ---------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------- Earnings before fixed charges and taxes on income $248,129 $159,811 ---------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges - including interest on deposits 20.4 14.4 Ratio of earnings to fixed charges - excluding interest on deposits 22.4 17.0 ---------------------------------------------------------------------------------------------------- /1 Interest factor on rent represents one-third of rental expense (the approximate portion of rental expense representing interest).