Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
(in thousands)
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| Months Ended |
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| March 31, |
| Year Ended December 31, |
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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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Excluding interest on deposits |
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Income (loss) before income taxes |
| $ | 130,601 |
| $ | 178,166 |
| $ | 197,393 |
| $ | (6,243 | ) | $ | (11,540 | ) | $ | (1,555 | ) |
Fixed charges: |
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Interest expense |
| 9,962 |
| 11,886 |
| 17,997 |
| 9,183 |
| 8,985 |
| 8,971 |
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Portion of rental expense which represents interest factor |
| 3,366 |
| 10,466 |
| 9,750 |
| 973 |
| 177 |
| 193 |
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Total fixed charges |
| $ | 13,328 |
| $ | 22,352 |
| $ | 27,747 |
| $ | 10,156 |
| $ | 9,162 |
| $ | 9,164 |
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Total income (loss) before income taxes and fixed charges |
| $ | 143,929 |
| $ | 200,518 |
| $ | 225,140 |
| $ | 3,913 |
| $ | (2,378 | ) | $ | 7,609 |
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Ratio of earnings to fixed charges (B) |
| 10.80 |
| 8.97 |
| 8.11 |
| (A) |
| (A) |
| (A) |
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Excluding interest on deposits |
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Total income (loss) before income taxes and fixed charges per above |
| $ | 143,929 |
| $ | 200,518 |
| $ | 225,140 |
| $ | 3,913 |
| $ | (2,378 | ) | $ | 7,609 |
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Add: Interest expense on deposits |
| 4,315 |
| 15,742 |
| 14,877 |
| 1,013 |
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Total income (loss) before income taxes, fixed charges and interest expense on deposits |
| $ | 148,244 |
| $ | 216,260 |
| $ | 240,017 |
| $ | 4,926 |
| $ | (2,378 | ) | $ | 7,609 |
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Fixed charges per above |
| $ | 13,328 |
| $ | 22,352 |
| $ | 27,747 |
| $ | 10,156 |
| $ | 9,162 |
| $ | 9,164 |
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Add: Interest expense on deposits |
| 4,315 |
| 15,742 |
| 14,877 |
| 1,013 |
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| — |
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Total fixed charges |
| $ | 17,643 |
| $ | 38,094 |
| $ | 42,624 |
| $ | 11,169 |
| $ | 9,162 |
| $ | 9,164 |
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Ratio of earnings to fixed charges (B) |
| 8.40 |
| 5.68 |
| 5.63 |
| (A) |
| (A) |
| (A) |
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Notes:
(A) | The ratios of earnings to fixed charges for both excluding and including interest on deposits were less than one-to-one for each of the years ended December 31, 2012, 2011 and 2010. Earnings were insuffient to cover fixed charges, excluding interest on deposits, by $5.2 million, $11.5 million and $1.6 million for the years ended December 31, 2012, 2011 and 2010, respectively. Earnings were insuffient to cover fixed charges, including interest on deposits, by $6.2 million, $11.5 million and $1.6 million for the years ended December 31, 2012, 2011 and 2010, respectively. In each period during which earnings were insufficient to cover fixed charges, we met all financial obligations and preferred stock dividends, as applicable. |
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(B) | For purposes of calculating the ratio of earnings to fixed charges, earnings represent income (loss) before income taxes plus fixed charges. Fixed charges, excluding interest on deposits, include interest expense and one-third (the proportion deemed representative of the interest factor) of our rental expense. Fixed charges, including interest on deposits, include the foregoing items plus interest on deposits. |