Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
The Bank of New York Mellon Corporation
|
| | | | | | | | | | | | | | | |
| | Year ended Dec. 31, |
| (dollar amounts in millions) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
|
| Earnings | | | | | |
| Income before income taxes | $ | 4,725 |
| $ | 4,235 |
| $ | 3,563 |
| $ | 3,777 |
| $ | 3,357 |
|
| Net (income) attributable to noncontrolling interests | (1 | ) | (64 | ) | (84 | ) | (81 | ) | (78 | ) |
| Income before income taxes attributable to shareholders of The Bank of New York Mellon Corporation | 4,724 |
| 4,171 |
| 3,479 |
| 3,696 |
| 3,279 |
|
| Fixed charges, excluding interest on deposits | 521 |
| 373 |
| 380 |
| 349 |
| 484 |
|
| Income from income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation | 5,245 |
| 4,544 |
| 3,859 |
| 4,045 |
| 3,763 |
|
| Interest on deposits | 16 |
| 37 |
| 83 |
| 105 |
| 154 |
|
| Income before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation | $ | 5,261 |
| $ | 4,581 |
| $ | 3,942 |
| $ | 4,150 |
| $ | 3,917 |
|
| Fixed charges | | | | | |
| Interest expense, excluding interest on deposits | $ | 421 |
| $ | 263 |
| $ | 271 |
| $ | 238 |
| $ | 380 |
|
One-third net rental expense (a) | 100 |
| 110 |
| 109 |
| 111 |
| 104 |
|
| Total fixed charges, excluding interest on deposits | 521 |
| 373 |
| 380 |
| 349 |
| 484 |
|
| Interest on deposits | 16 |
| 37 |
| 83 |
| 105 |
| 154 |
|
| Total fixed charges, including interests on deposits | $ | 537 |
| $ | 410 |
| $ | 463 |
| $ | 454 |
| $ | 638 |
|
Preferred stock dividends (b) | $ | 122 |
| $ | 105 |
| $ | 73 |
| $ | 64 |
| $ | 18 |
|
| Total fixed charges and preferred stock dividends, excluding interest on deposits | $ | 643 |
| $ | 478 |
| $ | 453 |
| $ | 413 |
| $ | 502 |
|
| Total fixed charges and preferred stock dividends, including interest on deposits | $ | 659 |
| $ | 515 |
| $ | 536 |
| $ | 518 |
| $ | 656 |
|
| | | | | | |
| Earnings to fixed charges ratios | | | | | |
| Excluding interest on deposits | 10.07 |
| 12.18 |
| 10.16 |
| 11.59 |
| 7.77 |
|
| Including interest on deposits | 9.80 |
| 11.17 |
| 8.51 |
| 9.14 |
| 6.14 |
|
| | | | | | |
Earnings to fixed charges and preferred stock dividends ratios (b) | | | | | |
| Excluding interest on deposits | 8.16 |
| 9.51 |
| 8.52 |
| 9.79 |
| 7.50 |
|
| Including interest on deposits | 7.98 |
| 8.90 |
| 7.35 |
| 8.01 |
| 5.97 |
|
| |
| (a) | The proportion deemed representative of the interest factor. |
| |
| (b) | Dividends were paid in 2016, 2015, 2014, 2013 and 2012 on the Series A and Series C preferred stock, which were issued in 2012. Dividends paid in 2016, 2015, 2014 and 2013 also include the Series D preferred stock, which was issued in 2013. Dividends paid in 2016 and 2015 also include the Series E preferred stock, which was issued in 2015. |
