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EXHIBIT 12.1
Computation of Ratios of Earnings to Fixed Charges Six months ended June 30, (dollars in millions)
2007 | 2006 | ||||
Net income(1) | $ 66.1 | $ 465.7 | |||
(Benefit) provision for income taxes | (80.6 | ) | 213.2 | ||
(Loss)/earnings before provision for income taxes | (14.5 | ) | 678.9 | ||
Fixed charges: | |||||
Interest and debt expenses on indebtedness | 1,811.1 | 1,267.4 | |||
Minority interest in subsidiary trust holding solely | |||||
debentures of the company, before tax | 5.1 | 8.6 | |||
Interest factor-one-third of rentals on real and personal properties | 9.3 | 7.8 | |||
Total fixed charges | 1,825.5 | 1,283.8 | |||
Total earnings before provision for income taxes and fixed charges | $ 1,811.0 | $1,962.7 | |||
Ratios of earnings to fixed charges | 1.0x | 1.5x | |||
(1) | The 2007 net income includes an after-tax valuation allowance of $495.3 million for lending receivables held for sale. |