EXHIBIT 12.1
Statement of Computation of Ratios of Earnings to Fixed Charges and Preferred Dividends
Three- | ||||||||||||||||||||||||
Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
March 31, | Year Ended December 31, | |||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Income (loss) from continuing operations, before income tax | $ | (93,194 | ) | $ | (423,367 | ) | $ | (58,814 | ) | $ | 116,021 | $ | 123,955 | $ | 220,330 | |||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest on short-term borrowings (2) | 8,738 | 32,722 | 120,075 | 188,861 | 39,383 | 57,680 | ||||||||||||||||||
Interest on long-term debt | 52,160 | 240,040 | 218,126 | 65,542 | 169,718 | 114,701 | ||||||||||||||||||
Preferred dividends | 2,920 | — | — | — | — | — | ||||||||||||||||||
Combined fixed charges, excluding interest on deposits | 63,818 | 272,762 | 338,201 | 254,403 | 209,101 | 172,381 | ||||||||||||||||||
Interest on deposits | 67,350 | 282,710 | 357,430 | 331,516 | 253,292 | 167,765 | ||||||||||||||||||
Combined fixed charges, including interest on deposits | $ | 131,167 | $ | 555,472 | $ | 695,631 | $ | 585,919 | $ | 462,393 | $ | 340,146 | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend requirements: | ||||||||||||||||||||||||
Excluding interest on deposits | (1) | (1) | (1) | 1.46 | 1.59 | 2.28 | ||||||||||||||||||
Including interest on deposits | (1) | (1) | (1) | 1.20 | 1.27 | 1.65 |
(1) | Earnings were insufficient to meet fixed charges and preferred stock dividends by approximately $423.4 million and $58.8 million for the years ended December 31, 2008 and 2007, respectively, and $96.1 million for the three-month period ended March 31, 2009. | |
(2) | Interest on short-term borrowings was estimated using the end of the period balance for the short-term borrowings and the weighted average rate for the period. |
We did not pay preferred stock dividends during the calendar years shown and no shares of our Treasury preferred stock, or any other class of preferred stock, were paid dividends during the calendar years shown; however, dividends were accrued on our Treasury preferred stock during the three month period ended March 31, 2009 in the amount of $2.9 million. A payment of $3.9 million was made on May 15, 2009, which covered January 30, 2009 through May 14, 2009.
For the purpose of computing the consolidated ratio of earnings to fixed charges, “earnings” consist of income before income taxes and extraordinary items plus fixed charges. “Fixed charges” consist of interest on short-term and long-term debt and where indicated, interest on deposits. For the three months ended March 31, 2009, fixed charges also includes preferred stock dividends. We did not pay any preferred stock dividends prior to 2008. The ratios are based solely on historical financial information, and no pro forma adjustments have been made thereto.