EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth certain information regarding our consolidated ratios of earnings to fixed charges. Fixed charges represent interest expense, a portion of rent expense representative of interest, trust-preferred securities related expense, and amortization of debt issuance costs.
Year ended December 31, | |||||||||||
(In thousands, except ratio amounts) | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||
Fixed Charges: | |||||||||||
Interest expense excluding deposits | $ | 195,169 | 143,447 | 116,606 | 134,797 | 180,569 | |||||
Interest portion of rental expense | 13,871 | 13,528 | 12,825 | 10,782 | 11,459 | ||||||
Fixed charges excluding interest on deposits | 209,040 | 156,975 | 129,431 | 145,579 | 192,028 | ||||||
Interest on deposits | 353,737 | 187,195 | 187,288 | 285,980 | 461,587 | ||||||
Fixed charges including interest on deposits | $ | 562,777 | 344,170 | 316,719 | 431,559 | 653,615 | |||||
Earnings: | |||||||||||
Income from continuing operations before income taxes | $ | 734,726 | 617,448 | 537,411 | 469,102 | 448,845 | |||||
Fixed charges excluding interest on deposits | 209,040 | 156,975 | 129,431 | 145,579 | 192,028 | ||||||
Earnings excluding interest on deposits | 943,766 | 774,423 | 666,842 | 614,681 | 640,873 | ||||||
Interest on deposits | 353,737 | 187,195 | 187,288 | 285,980 | 461,587 | ||||||
Earnings including interest on deposits | $ | 1,297,503 | 961,618 | 854,130 | 900,661 | 1,102,460 | |||||
Ratio of Earnings to Fixed Charges: | |||||||||||
Excluding interest on deposits | 4.51 | 4.93 | 5.15 | 4.22 | 3.34 | ||||||
Including interest on deposits | 2.31 | 2.79 | 2.70 | 2.09 | 1.69 |