EX-12.1 2 g88984exv12w1.txt EX-12.1 COMPUTATION OF RATIOS OF EARNINGS EXHIBIT 12.1 POPULAR, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in thousands)
For the quarter ended Year Ended December 31, --------------------- -------------------------------------------------- March 31 March 31 2004 2004 2003 2002 2001 2000 ---------- --------- ----------- ----------- ----------- ----------- Income before income taxes $ 149,390 $ 128,230 $ 597,410 $ 463,606 $ 408,404 $ 375,458 Fixed charges : Interest expense 188,028 204,176 749,550 863,553 1,039,105 1,167,396 Estimated interest component of net rental payments 4,618 4,075 17,379 15,123 14,176 13,110 Total fixed charges including interest on deposits 192,646 208,251 766,929 878,676 1,053,281 1,180,506 Less: Interest on deposits 78,115 94,037 342,891 432,415 517,881 529,373 Total fixed charges excluding interest on deposits 114,531 114,214 424,038 446,261 535,400 651,133 Income before income taxes and fixed charges (including interest on deposits) $ 342,036 $ 336,481 $ 1,364,339 $ 1,342,283 $ 1,461,685 $ 1,555,965 Income before income taxes and fixed charges (excluding interest on deposits) $ 263,921 $ 242,444 $ 1,021,448 $ 909,868 $ 943,804 $ 1,026,592 Preferred stock dividends 2,978 949 9,919 2,510 8,350 8,350 Ratio of earnings to fixed charges Including Interest on Deposits 1.8 1.6 1.8 1.5 1.4 1.3 Excluding Interest on Deposits 2.3 2.1 2.4 2.0 1.8 1.6 Ratio of earnings to fixed charges & Preferred Stock Dividends Including Interest on Deposits 1.7 1.6 1.8 1.5 1.4 1.3 Excluding Interest on Deposits 2.2 2.1 2.3 2.0 1.7 1.5