EX-12 5 dex12.htm COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES Computations of ratios of earnings to fixed charges

EXHIBIT 12

COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES

 

      Three Months Ended
March 31,		    Six Months Ended
March 31,

(dollars in thousands)

    2006    2005    2006    2005

Income before taxes on income

    $ 415,012    $ 302,064    $ 853,590    $ 637,713

Add fixed charges:

            

Interest expense – excluding interest on deposits

      10,054      8,418      19,482      16,806

Interest expense – deposits

      3,549      1,683      6,515      3,122

Interest factor on rent 1

     3,951      3,756      7,929      7,476
                           

Total fixed charges

      17,554      13,857      33,926      27,404
                           

Earnings before fixed charges and taxes on income

    $ 432,566    $ 315,921    $ 887,516    $ 665,117
                           

Ratio of earnings to fixed charges – including interest on deposits

      24.6      22.8      26.2      24.3

Ratio of earnings to fixed charges – excluding interest on deposits

      30.6      25.8      32.1      27.3

 

1 Interest factor on rent represents one-third of rental expense (the approximate portion of rental expense representing interest).