Zions Bancorporation, National Association (ZION) 10-K2015 FY Annual report

Filed: 29 Feb 16, 12:00am

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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