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- 10.43 Exhibit 10.43
- 10.44 Exhibit 10.44
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- 10.46 Exhibit 10.46
- 12.1 Exhibit 12.1
- 21.1 Exhibit 21.1
- 23.1 Exhibit 23.1
- 31.1 Exhibit 31.1
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- 32.1 Exhibit 32.1
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Exhibit 12.1
SLM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Years Ended December 31, | ||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | (122,669 | ) | $ | 87,848 | $ | 341,869 | $ | 416,527 | $ | 333,752 | |||||||||
Add: Fixed charges | 146,256 | 107,896 | 84,708 | 91,182 | 98,404 | |||||||||||||||
Total earnings | $ | 23,587 | $ | 195,744 | $ | 426,577 | $ | 507,709 | $ | 432,156 | ||||||||||
Interest expense | $ | 143,927 | $ | 105,385 | $ | 82,912 | $ | 89,085 | $ | 95,815 | ||||||||||
Rental expense, net of income | 2,329 | 2,511 | 1,797 | 2,097 | 2,589 | |||||||||||||||
Total fixed charges | 146,256 | 107,896 | 84,709 | 91,182 | 98,404 | |||||||||||||||
Preferred stock dividends | — | — | — | — | 12,933 | |||||||||||||||
Net income attributable to SLM Corporation common stock | $ | 146,256 | $ | 107,896 | $ | 84,709 | $ | 91,182 | $ | 111,337 | ||||||||||
Ratio of earnings to fixed charges(1) (2) | — | 1.81 | 5.04 | 5.57 | 5.57 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1)(2) | — | 1.81 | 5.04 | 5.57 | 3.88 |
(1) For purposes of computing these ratios, earnings represent income (loss) before income tax expense plus fixed charges. Fixed charges represent interest expensed and capitalized plus one-third (the proportion deemed representative of the interest factor) of rents, net of income from subleases. |
(2) Due to a pre-tax loss from operations of $122,669 for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate $122,669 million of additional earnings in the year ended December 31, 2010 for the ratio coverage to equal 1:1. |