Exhibit 12.1
Consolidated Ratio of Earnings to Fixed Charges
The ratio of earnings to fixed charges is calculated by dividing (i) income from continuing operations before income tax expense and fixed charges by (ii) fixed charges. For purposes of computing these ratios, earnings consist of income from continuing operations before income tax expense plus fixed charges. Fixed charges consist of interest expense on deposits and borrowings, and one-third of rent expense, which approximates the estimated interest portion of rent expense. These ratios are presented both including and excluding interest on deposits. Fixed charges excluding interest on deposits consist of interest on borrowings and one-third of rent expense, which approximates the interest component of rent expense. Fixed charges including interest on deposits consist of the preceding items plus interest on deposits.
Years ended December 31 (in millions, except ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income tax expense | $ | 409.5 | $ | 390.5 | $ | 380.6 | $ | 347.6 | $ | 369.3 | ||||||||||
Fixed charges including interest on deposits | 172.6 | 153.9 | 135.5 | 132.3 | 120.7 | |||||||||||||||
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Earnings including interest on deposits | 582.1 | 544.4 | 516.1 | 479.9 | 490.0 | |||||||||||||||
Less interest on deposits | 100.9 | 95.5 | 80.9 | 81.1 | 90.8 | |||||||||||||||
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Earnings excluding interest on deposits | $ | 481.2 | $ | 448.9 | $ | 435.2 | $ | 398.8 | $ | 399.2 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest on deposits | $ | 100.9 | $ | 95.5 | $ | 80.9 | $ | 81.1 | $ | 90.8 | ||||||||||
Interest on borrowings | 54.2 | 41.3 | 37.8 | 34.7 | 15.4 | |||||||||||||||
Estimated interest component of rent expense | 17.5 | 17.1 | 16.8 | 16.5 | 14.5 | |||||||||||||||
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Fixed charges including interest on deposits | 172.6 | 153.9 | 135.5 | 132.3 | 120.7 | |||||||||||||||
Less interest on deposits | 100.9 | 95.5 | 80.9 | 81.1 | 90.8 | |||||||||||||||
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Fixed charges excluding interest on deposits | $ | 71.7 | $ | 58.4 | $ | 54.6 | $ | 51.2 | $ | 29.9 | ||||||||||
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Ratio of earnings to fixed charges: | ||||||||||||||||||||
Excluding interest on deposits | 6.71x | 7.69x | 7.97x | 7.79x | 13.35x | |||||||||||||||
Including interest on deposits | 3.37x | 3.54x | 3.81x | 3.63x | 4.06x | |||||||||||||||
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