Flagstar Bancorp (FBC) 10-K2016 FY Annual report

Filed: 13 Mar 17, 12:00am

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EXHIBIT 12

Statement of Computation of Ratios of Earnings to Fixed Charges and Preferred Dividends



	For the Year Ended December 31,
	2016		2015		2014			2013			2012
	(Dollars in millions)
Income (loss) from continuing operations, before income tax	$	258	$	240	$	(103	)	$	(149	)	$	53
Fixed charges:
Interest on short-term borrowings	$	5	$	1	$	—		$	—		$	2
Interest on long-term debt	43		25		9			102			112
Combined fixed charges, excluding interest on deposits	48		26		9			102			114
Interest on deposits	46		42		30			42			70
Combined fixed charges, including interest on deposits	$	94	$	68	$	39		$	144		$	184
Ratio of earnings to combined fixed charges and preferred stock dividend requirements:
Excluding interest on deposits	6.38		10.23		(1		)	(1		)	1.46
Including interest on deposits	3.74		4.53		(2		)	(2		)	1.29


(1)	Earnings were insufficient to cover fixed charges excluding deposits and preferred stock dividends by approximately $94 million and $47 million for the years ended December 31, 2014 and 2013, respectively.


(2)	Earnings were insufficient to cover fixed charges including deposits and preferred stock dividends by approximately $64 million and $5 million for the years ended December 31, 2014 and 2013, respectively.

On July 29, 2016, we completed the previously announced $267 million redemption of our Series C Preferred Stock. This transaction reduced stockholders equity by approximately $372 million with a $267 million reduction in Preferred Stock and a $105 million reduction related to the payment of deferred dividends.

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. The ratios are based solely on historical financial information, and no pro forma adjustments have been made thereto.