SLM (SLM) 10-K 2017 FY Annual report

Exhibit 12.1

SLM CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Years Ended December 31,
	2013		2014		2015		2016		2017
Income before income tax expense	$	416,527	$	333,752	$	439,064	$	414,436	$	491,465
Add: Fixed charges	91,182		98,404		132,048		189,717		312,396
Total earnings	$	507,709	$	432,156	$	571,112	$	604,153	$	803,861
Interest expense	$	89,085	$	95,815	$	128,619	$	185,908	$	308,082
Rental expense, net of income	2,097		2,589		3,429		3,809		4,314
Total fixed charges	91,182		98,404		132,048		189,717		312,396
Preferred stock dividends	—		12,933		19,595		21,204		15,714
Net income attributable to SLM Corporation common stock	$	91,182	$	111,337	$	151,643	$	210,921	$	328,110
Ratio of earnings to fixed charges(1)	5.57		4.39		4.33		3.18		2.57
Ratio of earnings to fixed charges and preferred stock dividends(1)	5.57		3.88		3.77		2.86		2.45

(1) For purposes of computing these ratios, earnings represent income 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.