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, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense excluding deposits | $ | 68,651 | $ | 123,175 | $ | 185,391 | $ | 225,482 | $ | 303,769 | ||||||||||
Portion of rents representative of an interest factor | 20,836 | 19,732 | 19,468 | 19,568 | 19,285 | |||||||||||||||
Fixed charges excluding interest on deposits | 89,487 | 142,907 | 204,859 | 245,050 | 323,054 | |||||||||||||||
Interest on deposits | 49,560 | 49,823 | 59,686 | 81,300 | 128,627 | |||||||||||||||
Fixed charges including interest on deposits | $ | 139,047 | $ | 192,730 | $ | 264,545 | $ | 326,350 | $ | 451,681 | ||||||||||
Fixed charges and preferred stock dividends: | ||||||||||||||||||||
Interest expense excluding deposits | $ | 68,651 | $ | 123,175 | $ | 185,391 | $ | 225,482 | $ | 303,769 | ||||||||||
Portion of rents representative of an interest factor | 20,836 | 19,732 | 19,468 | 19,568 | 19,285 | |||||||||||||||
Preferred stock dividend requirement | 91,778 | 112,123 | 147,281 | 265,450 | 274,928 | |||||||||||||||
Fixed charges and preferred stock dividends excluding interest on deposits | 181,265 | 255,030 | 352,140 | 510,500 | 597,982 | |||||||||||||||
Interest on deposits | 49,560 | 49,823 | 59,686 | 81,300 | 128,627 | |||||||||||||||
Fixed charges and preferred stock dividends including interest on deposits | $ | 230,825 | $ | 304,853 | $ | 411,826 | $ | 591,800 | $ | 726,609 | ||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 451,859 | $ | 621,423 | $ | 406,432 | $ | 541,566 | $ | 521,273 | ||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | (4,757 | ) | (7,996 | ) | (11,066 | ) | (13,983 | ) | (5,956 | ) | ||||||||||
Fixed charges excluding interest on deposits | 89,487 | 142,907 | 204,859 | 245,050 | 323,054 | |||||||||||||||
Earnings excluding interest on deposits | 536,589 | 756,334 | 600,225 | 772,633 | 838,371 | |||||||||||||||
Interest on deposits | 49,560 | 49,823 | 59,686 | 81,300 | 128,627 | |||||||||||||||
Earnings including interest on deposits | $ | 586,149 | $ | 806,157 | $ | 659,911 | $ | 853,933 | $ | 966,998 | ||||||||||
Ratio of earnings to fixed charges: | ||||||||||||||||||||
Excluding interest on deposits | 6.00 | 5.29 | 2.93 | 3.15 | 2.60 | |||||||||||||||
Including interest on deposits | 4.22 | 4.18 | 2.49 | 2.62 | 2.14 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends: | ||||||||||||||||||||
Excluding interest on deposits | 2.96 | 2.97 | 1.70 | 1.51 | 1.40 | |||||||||||||||
Including interest on deposits | 2.54 | 2.64 | 1.60 | 1.44 | 1.33 | |||||||||||||||