Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
The Bank of New York Mellon Corporation
Quarter ended | ||||||||||||
(dollar amounts in millions) | March 31, 2014 | Dec. 31, 2013 | March 31, 2013 | |||||||||
Earnings | ||||||||||||
Income before income taxes (a) | $ | 926 | $ | 728 | $ | 825 | ||||||
Net (income) attributable to noncontrolling interests | (20 | ) | (17 | ) | (16 | ) | ||||||
Income before income taxes attributable to shareholders of The Bank of New York Mellon Corporation (a) | 906 | 711 | 809 | |||||||||
Fixed charges, excluding interest on deposits | 88 | 91 | 94 | |||||||||
Income before income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation (a) | 994 | 802 | 903 | |||||||||
Interest on deposits | 22 | 22 | 30 | |||||||||
Income before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,016 | $ | 824 | $ | 933 | ||||||
Fixed charges | ||||||||||||
Interest expense, excluding interest on deposits | $ | 62 | $ | 63 | $ | 66 | ||||||
One-third net rental expense (b) | 26 | 28 | 28 | |||||||||
Total fixed charges, excluding interest on deposits | 88 | 91 | 94 | |||||||||
Interest on deposits | 22 | 22 | 30 | |||||||||
Total fixed charges, including interests on deposits | $ | 110 | $ | 113 | $ | 124 | ||||||
Preferred stock dividends | $ | 13 | $ | 26 | $ | 13 | ||||||
Total fixed charges and preferred stock dividends, excluding interest on deposits | $ | 101 | $ | 117 | $ | 107 | ||||||
Total fixed charges and preferred stock dividends, including interest on deposits | $ | 123 | $ | 139 | $ | 137 | ||||||
Earnings to fixed charges ratios (a) | ||||||||||||
Excluding interest on deposits | 11.30 | 8.81 | 9.61 | |||||||||
Including interest on deposits | 9.24 | 7.29 | 7.52 | |||||||||
Earnings to fixed charges and preferred stock dividends ratios (a) | ||||||||||||
Excluding interest on deposits | 9.84 | 6.85 | 8.44 | |||||||||
Including interest on deposits | 8.26 | 5.93 | 6.81 |
(a) | Prior periods were restated to reflect the retrospective application of adopting new accounting guidance related to our investments in qualified affordable housing projects (ASU 2014-01). See Note 2 of the Notes to Consolidated Financial Statements for additional information. |
(b) | The proportion deemed representative of the interest factor. |