EX-12 4 dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

Exhibit 12: Computation of Ratio of Earnings to Combined Fixed Charges

 

     Year Ended December 31,  

(in thousands)

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

Including Interest on Deposits

           

Earnings:

           

Income from continuing operations before income taxes

    $ 1,336,102      $ 581,619      $ 3,869,556      $ 3,672,341      $ 2,829,002   

Equity in undistributed earnings of unconsolidated subsidiaries

      60,095        55,226        43,324        15,169        18,637   

Fixed Charges:

           

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

      2,967,470        3,963,284        4,548,311        3,073,289        2,046,639   

Portion of rent expense representative of interest

      7,858        21,894        35,367        13,734        11,460   
                                        

Total fixed charges

    $ 2,975,328      $ 3,985,178      $ 4,583,678      $ 3,087,023      $ 2,058,099   

Preferred dividend requirements

    $ 187,980      $ 16,092      $ —        $ —        $ —     
                                        

Fixed charges and preferred dividends

    $ 3,163,308      $ 4,001,270      $ 4,583,678      $ 3,087,023      $ 2,058,099   

Earnings

    $ 4,371,525      $ 4,622,023      $ 8,496,558      $ 6,774,533      $ 4,905,738   

Ratio of earnings to fixed charges

      1.47 %      1.16 %      1.85 %      2.19 %      2.38 % 

Ratio of earnings to fixed charges and preferred dividends

      1.38 %      1.16 %      1.85 %      2.19 %      2.38 % 
                                        

Excluding Interest on Deposits

           

Earnings:

           

Income from continuing operations before income taxes

    $ 1,336,102      $ 581,619      $ 3,869,556      $ 3,672,341      $ 2,829,002   

Equity in undistributed earnings of unconsolidated subsidiaries

      60,095        55,226        43,324        15,169        18,637   

Fixed Charges:

           

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

      2,967,470        3,963,284        4,548,311        3,073,289        2,046,639   

Portion of rent expense representative of interest

      7,858        21,894        35,367        13,734        11,460   

Interest expense on deposits

      (2,093,019 )      (2,512,040 )      (2,906,351 )      (1,814,797 )      (1,173,137 ) 
                                        

Total fixed charges

    $ 882,309      $ 1,473,138      $ 1,677,327      $ 1,272,226      $ 884,962   

Preferred dividend requirements

      187,980        16,092        —          —          —     
                                        

Fixed charges and preferred dividends

      1,070,289        1,489,230        1,677,327        1,272,226        884,962   

Earnings

      2,278,506        2,109,983        5,590,207        4,959,736        3,732,601   

Ratio of earnings to fixed charges

      2.58 %      1.43 %      3.33 %      3.90 %      4.22 % 

Ratio of earnings to fixed charges and preferred dividends

      2.13 %      1.42 %      3.33 %      3.90 %      4.22 % 
                                        

 

(1) Based on continuing operations.