Zions Bancorporation, National Association (ZION) 10-K 2013 FY Annual report

EXHIBIT 12

RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

The following table sets forth certain information regarding our consolidated ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends. Fixed charges represent interest expense, a portion of rent expense representative of interest, trust-preferred securities related expense and amortization of debt issuance costs.

(Dollar amounts in thousands)	Year ended December 31,
	2013			2012			2011			2010			2009
Fixed charges:
Interest expense excluding deposits	$	185,391		$	225,482		$	303,769		$	395,961		$	191,496
Portion of rents representative of an interest factor	19,468			19,568			19,285			19,886			19,720
Fixed charges excluding interest on deposits	204,859			245,050			323,054			415,847			211,216
Interest on deposits	59,686			81,300			128,627			196,495			426,298
Fixed charges including interest on deposits	$	264,545		$	326,350		$	451,681		$	612,342		$	637,514
Fixed charges and preferred stock dividends:
Interest expense excluding deposits	$	185,391		$	225,482		$	303,769		$	395,961		$	191,496
Portion of rents representative of an interest factor	19,468			19,568			19,285			19,886			19,720
Preferred stock dividend requirement	147,281			265,450			274,928			122,884			102,969
Fixed charges and preferred stock dividends excluding interest on deposits	352,140			510,500			597,982			538,731			314,185
Interest on deposits	59,686			81,300			128,627			196,495			426,298
Fixed charges and preferred stock dividends including interest on deposits	$	411,826		$	591,800		$	726,609		$	735,226		$	740,483
Earnings:
Income (loss) from continuing operations before income taxes	$	406,432		$	541,566		$	521,273		$	(403,168	)	$	(1,623,020	)
Equity in undistributed earnings of unconsolidated subsidiaries	(11,066		)	(13,983		)	(5,956		)	(6,757		)	(6,785		)
Fixed charges excluding interest on deposits	204,859			245,050			323,054			415,847			211,216
Earnings excluding interest on deposits	600,225			772,633			838,371			5,922			(1,418,589		)
Interest on deposits	59,686			81,300			128,627			196,495			426,298
Earnings including interest on deposits	$	659,911		$	853,933		$	966,998		$	202,417		$	(992,291	)
Ratio of earnings to fixed charges:
Excluding interest on deposits	2.93			3.15			2.60			(a)			(a)
Including interest on deposits	2.49			2.62			2.14			(a)			(a)
Ratio of earnings to fixed charges and preferred stock dividends:
Excluding interest on deposits	1.70			1.51			1.40			(a)			(a)
Including interest on deposits	1.60			1.44			1.33			(a)			(a)
(a) Ratio is less than one; earnings are inadequate to cover fixed charges. The dollar amount of the coverage deficiency for the affected periods is presented is presented below. The amount is the same whether including or excluding interest on deposits:
Coverage deficiency – earnings to fixed charges										$	(409,925	)	$	(1,629,805	)
Coverage deficiency – earnings to fixed charges and preferred stock dividends										(532,809		)	(1,732,774		)