EX-12.1 7 dex121.htm COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES Computation of the Ratio of Earnings to Fixed Charges

Exhibit 12.1

SunTrust Banks, Inc.

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(In thousands)

 

     For the Six Months Ended June 30,     For the Year Ended December 31,  
     2009     2008     2008     2007     2006     2005     2004  

Ratio 1 - including deposit interest

               

Earnings:

               

Income(loss) before income taxes

    ($1,291,606 )    $1,131,471      $728,503      $2,249,529      $2,986,441      $2,866,395      $2,257,026   

Net income attributable to noncontrolling interest

    (6,755 )    (6,102 )    (11,378 )    (12,724 )    (13,371 )    (14,512 )    (9,521 ) 

Fixed charges

    1,306,018      2,063,412      3,778,776      5,377,312      5,188,060      3,203,493      1,577,826   
                                          

Total

    $7,657      $3,188,781      $4,495,901      $7,614,117      $8,161,130      $6,055,376      $3,825,331   
                                          

Fixed charges:

               

Interest on deposits

    $822,776      $1,327,649      $2,377,473      $3,660,766      $3,464,700      $1,832,975      $766,188   

Interest on funds purchased and securities sold under agreements to repurchase

    5,174      92,327      130,563      440,260      543,057      312,193      108,591   

Interest on other short-term borrowings

    8,748      35,864      55,102      121,011      74,326      83,087      24,642   

Interest on trading liabilities

    11,077      12,633      27,160      15,586      15,540      11,878      5,553   

Interest on long-term debt

    423,079      559,641      1,117,428      1,078,753      1,033,932      912,210      628,253   

Portion of rents representative of the interest factor (1/3) of rental expense

    35,164      35,298      71,050      60,936      56,505      51,150      44,599   
                                          

Total fixed charges

    1,306,018      2,063,412      3,778,776      5,377,312      5,188,060      3,203,493      1,577,826   

Preferred stock dividend requirements

    143,460      16,336      48,834      41,678      10,901      —        —     
                                          

Fixed charges and preferred stock dividends

    $1,449,478      $2,079,748      $3,827,610      $5,418,990      $5,198,961      $3,203,493      $1,577,826   
                                          

Ratio of earnings to fixed charges 1

    N/M      1.55 x      1.19 x      1.42 x      1.57 x      1.89 x      2.42 x   

Ratio of earnings to fixed charges and preferred stock dividends 1

    N/M      1.53 x      1.17 x      1.41 x      1.57 x      1.89 x      2.42 x   

Ratio 2 - excluding deposit interest

               

Earnings:

               

Income(loss) before income taxes

    ($1,291,606 )    $1,131,471      $728,503      $2,249,529      $2,986,441      $2,866,395      $2,257,026   

Net income attributable to noncontrolling interest

    (6,755 )    (6,102 )    (11,378 )    (12,724 )    (13,371 )    (14,512 )    (9,521 ) 

Fixed charges

    483,242      735,763      1,401,303      1,716,546      1,734,261      1,370,518      811,638   
                                          

Total

    ($815,119 )    $1,861,132      $2,118,428      $3,953,351      $4,707,331      $4,222,401      $3,059,143   
                                          

Fixed charges:

               

Interest on funds purchased and securities sold under agreements to repurchase

    $5,174      $92,327      $130,563      $440,260      $543,057      $312,193      $108,591   

Interest on other short-term borrowings

    8,748      35,864      55,102      121,011      74,326      83,087      24,642   

Interest on trading liabilities

    11,077      12,633      27,160      15,586      15,540      11,878      5,553   

Interest on long-term debt

    423,079      559,641      1,117,428      1,078,753      1,033,932      912,210      628,253   

Portion of rents representative of the interest factor (1/3) of rental expense

    35,164      35,298      71,050      60,936      56,505      51,150      44,599   
                                          

Total fixed charges

    483,242      735,763      1,401,303      1,716,546      1,723,360      1,370,518      811,638   

Preferred stock dividend requirements

    143,460      16,336      48,834      41,678      10,901      —        —     
                                          

Fixed charges and preferred stock dividends

    $626,702      $752,099      $1,450,137      $1,758,224      $1,734,261      $1,370,518      $811,638   
                                          

Ratio of earnings to fixed charges 1

    N/M      2.53 x      1.51 x      2.30 x      2.73 x      3.08 x      3.77 x   

Ratio of earnings to fixed charges and preferred stock dividends 1

    N/M      2.47 x      1.46 x      2.25 x      2.71 x      3.08 x      3.77 x   

 

1

When fixed charges exceed earnings, the calculated ratio indicates less than a one-to-one coverage that is considered to not be a meaningful ratio (“N/M”). The coverage deficiency can be calculated by subtracting total earnings from total fixed charges and total earnings from fixed charges and preferred stock dividends in the ratio of earnings to fixed charges and ratio of earnings to fixed charges and preferred stock dividends, respectively.