EX-99.1 8 a2185611zex-99_1.htm EXHIBIT 99.1
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EXHIBIT 99.1

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

 
   Three Months Ended March 31,
  
 
   2008
   2007
  
 
   (dollars in millions)

  
Earnings, including interest on deposits(1):              
Income (loss) before income taxes   $ (1,994 ) $ 1,240  
Fixed charges     2,457     2,970  
   
 
 
    $ 463   $ 4,210  
   
 
 

Fixed charges(1)(2):
 
 
 
 
 
 
 
  Interest expense   $ 2,416   $ 2,927  
  Estimated interest component of net rental expense     41     43  
   
 
 
    $ 2,457   $ 2,970  
   
 
 
Ratio of earnings to fixed charges     *     1.42  
   
 
 

Earnings, excluding interest on deposits(1):
 
 
 
 
 
 
 
Income (loss) before income taxes   $ (1,994 ) $ 1,240  
Fixed charges     1,128     1,198  
   
 
 
    $ (866 ) $ 2,438  
   
 
 

Fixed charges(1)(2):
 
 
 
 
 
 
 
  Interest expense   $ 2,416   $ 2,927  
  Less: interest on deposits     (1,329 )   (1,772 )
  Estimated interest component of net rental expense     41     43  
   
 
 
    $ 1,128   $ 1,198  
   
 
 

Ratio of earnings to fixed charges
 
 
*
 
 
2.03
 
   
 
 
(1)
As defined in Item 503(d) of Regulation S-K.
(2)
Fixed charges exclude interest expense on uncertain tax positions which is included as a component of income taxes in the Consolidated Statements of Income.
*
The earnings for the three months ended March 31, 2008 were inadequate to cover total fixed charges. The coverage deficiency for the period was $1.99 billion.



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