EX-12 3 exh12.txt
EXHIBIT 12 ---------- COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES THREE MONTHS ENDED SIX MONTHS ENDED MARCH 31, MARCH 31, (IN THOUSANDS) 2004 2003 2004 2003 -------------------------------------------------------------------------------------------------- Income before taxes on income and cumulative effect of an accounting change $252,176 $152,227 $488,116 $300,953 Add fixed charges: Interest expense - excluding interest on deposits 8,053 3,711 15,729 7,587 Interest expense - deposits 1,040 1,573 2,182 3,380 Interest factor on rent /1 3,047 3,942 6,418 6,557 -------------------------------------------------------------------------------------------------- Total fixed charges 12,140 9,226 24,329 17,524 -------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------- Earnings before fixed charges and taxes on $264,316 $161,453 $512,445 $318,477 income -------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges - including interest on deposits 21.8 17.5 21.1 18.2 Ratio of earnings to fixed charges - excluding interest on deposits 23.7 20.9 23.0 22.3 -------------------------------------------------------------------------------------------------- /1 Interest factor on rent represents one-third of rental expense (the approximate portion of rental expense representing interest).