EXHIBIT 12
Regions Financial Corporation
Computation of Ratio of Earnings to Fixed Charges
(from continuing operations)
(Unaudited)
December 31 | ||||||||||||||||
2008 (1) | 2007 (1) | 2006 | 2005 | 2004 | ||||||||||||
(Amounts in thousands) | ||||||||||||||||
Excluding Interest on Deposits | ||||||||||||||||
Income (loss) before income taxes from continuing operations | $ | (5,932,427 | ) | $ | 2,038,850 | $ | 1,991,621 | $ | 1,358,568 | $ | 1,120,221 | |||||
Fixed charges excluding preferred stock dividends | 1,061,014 | 1,077,456 | 696,060 | 514,635 | 366,574 | |||||||||||
Income (loss) for computation excluding interest on deposits | (4,871,413 | ) | 3,116,306 | 2,687,681 | 1,873,203 | 1,486,795 | ||||||||||
Interest expense excluding interest on deposits | 996,364 | 1,012,414 | 660,649 | 485,029 | 346,024 | |||||||||||
One-third of rent expense | 64,650 | 65,042 | 35,411 | 29,606 | 20,550 | |||||||||||
Preferred stock dividends | 26,236 | — | — | — | — | |||||||||||
Fixed charges including preferred stock dividends | 1,087,250 | 1,077,456 | 696,060 | 514,635 | 366,574 | |||||||||||
Ratio of earnings to fixed charges, excluding interest on deposits | (4.48 | ) | 2.89 | 3.86 | 3.64 | 4.06 | ||||||||||
Including Interest on Deposits | ||||||||||||||||
Income (loss) before income taxes from continuing operations | $ | (5,932,427 | ) | $ | 2,038,850 | $ | 1,991,621 | $ | 1,358,568 | $ | 1,120,221 | |||||
Fixed charges excluding preferred stock dividends | 2,785,084 | 3,741,339 | 2,376,227 | 1,519,362 | 863,201 | |||||||||||
Income (loss) for computation including interest on deposits | (3,147,343 | ) | 5,780,189 | 4,367,848 | 2,877,930 | 1,983,422 | ||||||||||
Interest expense including interest on deposits | 2,720,434 | 3,676,297 | 2,340,816 | 1,489,756 | 842,651 | |||||||||||
One-third of rent expense | 64,650 | 65,042 | 35,411 | 29,606 | 20,550 | |||||||||||
Preferred stock dividends | 26,236 | — | — | — | — | |||||||||||
Fixed charges including preferred stock dividends | 2,811,320 | 3,741,339 | 2,376,227 | 1,519,362 | 863,201 | |||||||||||
Ratio of earnings to fixed charges, including interest on deposits | (1.12 | ) | 1.54 | 1.84 | 1.89 | 2.30 |
(1) | For purposes of this computation, the recognized interest related to uncertain tax positions for the year ended December 31, 2008 and 2007 of approximately $31 million and $82 million, respectively, was excluded. |