EX-12 3 dex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

EXHIBIT 12

 

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

(dollars in thousands)     

for the fiscal years ended September 30,

    2006    2005    2004    2003    2002

Income before taxes excluding equity in income of investees, minority interest in earnings of consolidated subsidiaries and capitalized interest

    $ 1,824,729    $ 1,397,275    $ 977,039    $ 694,399    $ 577,961

Additions:

               

Dividends received from equity-method investees

      22,486      —        69      —        —  

Fixed charges

               

Interest expense-excluding interest on deposits

      30,155      34,563      32,254      22,924      18,108

Interest expense-deposits

      14,391      7,651      4,295      6,122      9,812

Interest factor on rent1

      16,736      15,717      13,020      13,413      20,977
                                  

Total fixed charges

    $ 61,282    $ 57,931    $ 49,569    $ 42,459    $ 48,897
                                  

Adjusted earnings

    $ 1,908,497    $ 1,455,206    $ 1,026,677    $ 736,858    $ 626,858
                                  

Ratio of adjusted earnings to fixed charges-including interest on deposits

      31.1      25.1      20.7      17.4      12.8

Ratio of adjusted earnings to fixed charges-excluding interest on deposits

      40.4      28.8      22.6      20.1      15.8
1 Interest factor on rent represents one-third of rental expense (the approximate portion of rental expense representing interest).

 

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