Exhibit 12.1
Ratio of Earnings to Fixed Charges
2011 | 2010 | 2009 | 2008 | |||||||||||||
Pre tax income | 13,229 | 7,754 | 6,350 | (63,272 | ) | |||||||||||
Total fixed charges | 12,852 | 15,195 | 16,691 | 41,113 | ||||||||||||
26,081 | 22,949 | 23,041 | (22,159 | ) | ||||||||||||
Interest expense | 12,036 | 14,539 | 16,050 | 40,632 | ||||||||||||
Interest on other liabilities | - | - | - | - | ||||||||||||
Amortization of subordinated debt origination expense | - | - | - | - | ||||||||||||
Estimated interest portion of rent expense (2) | 816 | 656 | 641 | 481 | ||||||||||||
12,852 | 15,195 | 16,691 | 41,113 | |||||||||||||
Preferred stock dividends on a tax equivalent basis | - | 656 | 3,426 | 373 | ||||||||||||
12,852 | 15,851 | 20,117 | 41,486 | |||||||||||||
26,081 | 22,949 | 23,041 | (22,159 | ) | ||||||||||||
12,852 | 15,851 | 20,117 | 41,486 | |||||||||||||
Earnings to combined fixed charges and preferred | ||||||||||||||||
stock dividend requirements including interest on | ||||||||||||||||
deposits | 2.03 | 1.45 | 1.15 | nm | ||||||||||||
Ratio of earnings to fixed charges | 2.03 | 1.51 | 1.38 | nm | ||||||||||||
(1) The coverage deficiency was $63.3 million dollars for the year ended December 31, 2008. |
(2) Estimated to be 33% of rent expense paid. |