EX-12.1 15 dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges

 

     Three Months Ended
March 31,		     Years Ended December 31,  

(in thousands)

    2009(1)     2008(1)     2008(1)     2007(1)     2006(1)     2005     2004  

Including Interest on Deposits

               

Earnings:

               

Income (loss) from continuing operations before income taxes

    $ (147,144 )   $ 967,046     $ 581,619     $ 3,869,556     $ 3,672,341     $ 2,829,002     $ 2,360,064  

Equity in undistributed earnings of unconsolidated subsidiaries

      18,289       16,304       55,226       43,324       15,169       18,637       2,884  

Fixed Charges:

               

Interest expense on deposits, senior and subordinated, and other borrowings

      861,477       1,067,608       3,963,284       4,548,311       3,073,289       2,046,639       1,791,442  

Portion of rent expense representative of interest

      3,029       7,784       21,894       35,367       13,734       11,460       6,369  
                                                        

Total fixed charges

      864,506       1,075,392       3,985,178       4,583,678       3,087,023       2,058,099       1,797,811  

Preferred dividend requirements

      64,684       —         16,092       —         —         —         —    
                                                        

Fixed charges and preferred dividends

      929,190       1,075,392       4,001,270       4,583,678       3,087,023       2,058,099       1,797,811  
                                                        

Earnings

    $ 735,651     $ 2,058,742     $ 4,622,023     $ 8,496,558     $ 6,774,533     $ 4,905,738     $ 4,160,759  
                                                        

Ratio of earnings to fixed charges

      0.85 (2)     1.91       1.16       1.85       2.19       2.38       2.31  
                                                        

Ratio of earnings to fixed charges and preferred dividends

      0.79 (2)     1.91       1.16       1.85       2.19       2.38       2.31  
                                                        

Excluding Interest on Deposits

               

Earnings:

               

Income (loss) from continuing operations before income taxes

    $ (147,144 )   $ 967,046     $ 581,619     $ 3,869,556     $ 3,672,341     $ 2,829,002     $ 2,360,064  

Equity in undistributed earnings of unconsolidated subsidiaries

      18,289       16,304       55,226       43,324       15,169       18,637       2,884  

Fixed Charges:

               

Interest expense on deposits, senior and subordinated, and other borrowings

      861,477       1,067,608       3,963,284       4,548,311       3,073,289       2,046,639       1,791,442  

Portion of rent expense representative of interest

      3,029       7,784       21,894       35,367       13,734       11,460       6,369  

Interest expense on deposits

      (631,848 )     (610,389 )     (2,512,040 )     (2,906,351 )     (1,814,797 )     (1,173,137 )     (1,009,545 )
                                                        

Total fixed charges

      232,658       465,003       1,473,138       1,677,327       1,272,226       884,962       788,266  

Preferred dividend requirements

      64,684       —         16,092       —         —         —         —    
                                                        

Fixed charges and preferred dividends

      297,342       465,003       1,489,230       1,677,327       1,272,226       884,962       788,266  
                                                        

Earnings

    $ 103,803     $ 1,448,353     $ 2,109,983     $ 5,590,207     $ 4,959,736     $ 3,732,601     $ 3,151,214  
                                                        

Ratio of earnings to fixed charges

      0.45 (2)     3.11       1.43       3.33       3.90       4.22       4.00  
                                                        

Ratio of earnings to fixed charges and preferred dividends

      0.35 (2)     3.11       1.42       3.33       3.90       4.22       4.00  
                                                        

 

(1) Based on continuing operations.
(2) Earnings are inadequate to cover fixed charges. The coverage deficiency is $128.9 million and $193.5 million for the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred dividends, respectively, regardless of interest.