EX-99.2 7 a2180750zex-99_2.htm EXHIBIT 99.2
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EXHIBIT 99.2

WASHINGTON MUTUAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS

 
   Three Months Ended September 30,
   Nine Months Ended September 30,
  
 
   2007
   2006
   2007
   2006
  
 
    
   (dollars in millions)

    
  
Earnings, including interest on deposits(1):                          
Income from continuing operations before income taxes   $ 182   $ 1,133   $ 2,663   $ 3,815  
Fixed charges     2,883     3,203     8,608     8,712  
   
 
 
 
 
    $ 3,065   $ 4,336   $ 11,271   $ 12,527  
   
 
 
 
 

Preferred dividend requirement
 
$
8
 
$
–
 
$
23
 
$
–
 
Ratio of income from continuing operations before income taxes to income from continuing operations     0.98     1.53     1.48     1.54  
   
 
 
 
 

Preferred dividends(2)
 
$
8
 
$
–
 
$
34
 
$
–
 
   
 
 
 
 

Fixed charges(1)(3):
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense   $ 2,842   $ 3,158   $ 8,482   $ 8,574  
  Estimated interest component of net rental expense     41     45     126     138  
   
 
 
 
 
      2,883     3,203     8,608     8,712  
   
 
 
 
 
  Fixed charges and preferred dividends   $ 2,891   $ 3,203   $ 8,642   $ 8,712  
   
 
 
 
 

Ratio of earnings to fixed charges and preferred dividends
 
 
1.06
 
 
1.35
 
 
1.30
 
 
1.44
 
   
 
 
 
 
Earnings, excluding interest on deposits(1):                          
Income from continuing operations before income taxes   $ 182   $ 1,133   $ 2,663   $ 3,815  
Fixed charges     1,233     1,464     3,463     4,292  
   
 
 
 
 
    $ 1,415   $ 2,597   $ 6,126   $ 8,107  
   
 
 
 
 
Preferred dividends(2)   $ 8   $ –   $ 34   $ –  
   
 
 
 
 

Fixed charges(1)(3):
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense   $ 2,842   $ 3,158   $ 8,482   $ 8,574  
  Less: interest on deposits     (1,650 )   (1,739 )   (5,145 )   (4,420 )
  Estimated interest component of net rental expense     41     45     126     138  
   
 
 
 
 
      1,233     1,464     3,463     4,292  
   
 
 
 
 
  Fixed charges and preferred dividends   $ 1,241   $ 1,464   $ 3,497   $ 4,292  
   
 
 
 
 

Ratio of earnings to fixed charges and preferred dividends
 
 
1.14
 
 
1.77
 
 
1.75
 
 
1.89
 
   
 
 
 
 
(1)
As defined in Item 503(d) of Regulation S-K.
(2)
The preferred dividends were increased to amounts representing the pretax earnings that would be required to cover such dividend requirements.
(3)
Fixed charges exclude interest expense on uncertain tax positions which is included as a component of income taxes in the Consolidated Statements of Income.



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