EX-12.1 8 a121compratioearningsfixed.htm EXHIBIT 12.1 Exhibit
EXHIBIT 12.1


CITIZENS FINANCIAL GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year Ended December 31,
(dollars in millions)
2015

 
2014

 
2013(2)

 
2012

 
2011

Computation of Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income tax expense

$1,263

 

$1,268

 

($3,468
)
 

$1,024

 

$778

Fixed charges
503

 
417

 
499

 
669

 
941

Total Adjusted Earnings

$1,766



$1,685



($2,969
)


$1,693



$1,719

 
 
 
 
 
 
 
 
 
 
Computation of Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense(1)

$452

 

$363

 

$443

 

$619

 

$884

Portion of net rental expense deemed representative of interest
51

 
54

 
56

 
50

 
57

Total Fixed charges

$503

 

$417

 

$499

 

$669

 

$941

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges

3.5
%
 
4.0
%
 
(5.9
)%
 
2.5
%
 
1.8
%

(1) The portion of rents shown as representative of the interest factor is one-quarter of total net operating lease expenses.
(2) The deficiency for this period was $3,468 million due in part to a goodwill impairment charge of $4,435 million ($4,080 million after tax).