EX-12.1 3 l04383bexv12w1.txt EXHIBIT 12.1 EXHIBIT 12.1 NATIONAL CITY CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
---------------------------------------------------------------------------------------------------------------------------- For the Calendar Year -------------------------------------------------------------- (DOLLARS IN THOUSANDS) 2003 2002 2001 2000 1999 ---------------------------------------------------------------------------------------------------------------------------- COMPUTATION EXCLUDING PREFERRED STOCK DIVIDENDS: Income before income tax expense $3,237,466 $2,168,801 $2,166,501 $1,971,892 $2,148,613 Interest on nondeposit interest bearing liabilities 738,085 762,163 1,198,172 1,671,187 1,277,054 Portion of rental expense deemed representative of interest 37,116 37,544 35,281 34,825 30,567 ---------------------------------------------------------------------------------------------------------------------------- Total income for computation excluding interest on deposits 4,012,667 2,968,508 3,399,954 3,677,904 3,456,234 Interest on deposits 891,731 1,148,378 1,777,731 1,937,034 1,635,533 ---------------------------------------------------------------------------------------------------------------------------- Total income for computation including interest on deposits $4,904,398 $4,116,886 $5,177,685 $5,614,938 $5,091,767 ============================================================================================================================ Fixed charges excluding interest on deposits $ 775,201 $ 799,707 $1,233,453 $1,706,012 $1,307,621 ============================================================================================================================ Fixed charges including interest on deposits $1,666,932 $1,948,085 $3,011,184 $3,643,046 $2,943,154 ============================================================================================================================ Ratio excluding interest on deposits 5.18X 3.71x 2.76x 2.16x 2.64x Ratio including interest on deposits 2.94X 2.11x 1.72x 1.54x 1.73x COMPUTATION INCLUDING PREFERRED STOCK DIVIDENDS: Total income for computation excluding interest on deposits $4,012,667 $2,968,508 $3,399,954 $3,677,904 $3,456,234 ============================================================================================================================ Total income for computation including interest on deposits $4,904,398 $4,116,886 $5,177,685 $5,614,938 $5,091,767 ============================================================================================================================ Fixed charges excluding interest on deposits and preferred stock dividends $ 775,201 $ 799,707 $1,233,453 $1,706,012 $1,307,621 Pretax preferred stock dividends -- 32 1,563 2,065 2,691 ---------------------------------------------------------------------------------------------------------------------------- Fixed charges including preferred stock dividends, excluding interest on deposits 775,201 799,739 1,235,016 1,708,077 1,310,312 Interest on deposits 891,731 1,148,378 1,777,731 1,937,034 1,635,533 ---------------------------------------------------------------------------------------------------------------------------- Fixed charges including interest on deposits and preferred stock dividends $1,666,932 $1,948,117 $3,012,747 $3,645,111 $2,945,845 ============================================================================================================================ Ratio excluding interest on deposits 5.18X 3.71x 2.75x 2.15x 2.64x Ratio including interest on deposits 2.94X 2.11x 1.72x 1.54x 1.73x COMPONENTS OF FIXED CHARGES: Interest: Interest on deposits $ 891,731 $1,148,378 $1,777,731 $1,937,034 $1,635,533 Interest on nondeposit interest bearing liabilities 738,085 762,163 1,198,172 1,671,187 1,277,054 ---------------------------------------------------------------------------------------------------------------------------- Total interest charges $1,629,816 $1,910,541 $2,975,903 $3,608,221 $2,912,587 ============================================================================================================================ Rental Expense: Building rental expense $ 112,474 $ 113,769 $ 106,911 $ 105,529 $ 92,626 Portion of rental expense deemed representative of interest 37,116 37,544 35,281 34,825 30,567 Preferred Stock Charge: Preferred stock dividends -- 21 1,016 1,342 1,749 Pretax preferred dividends -- 32 1,563 2,065 2,691 ============================================================================================================================