Exhibit 12.1
Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
The following table sets forth the calculation of our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown (in millions):
For the three months ended March 31, 2015 | Fiscal Year | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Ratio of earnings to fixed charges: | ||||||||||||||||||||||||
Fixed charges 1 | $ | 86 | $ | 372 | $ | 536 | $ | 512 | $ | 285 | $ | 76 | ||||||||||||
Net (loss) income available to common shareholders before provision for income taxes | (259 | ) | (256 | ) | 1,258 | 1,286 | 776 | 288 | ||||||||||||||||
Earnings | $ | (173 | ) | $ | 116 | $ | 1,794 | $ | 1,798 | $ | 1,061 | $ | 364 | |||||||||||
Ratio of earnings to fixed charges | (2.01) | 0.31 | 3.35 | 3.51 | 3.72 | 4.79 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends: | ||||||||||||||||||||||||
Fixed charges 1 | $ | 86 | $ | 372 | $ | 536 | $ | 512 | $ | 285 | $ | 76 | ||||||||||||
Preferred stock dividends 2 | 7 | 23 | 14 | 10 | — | — | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | 93 | 395 | 550 | 522 | 285 | 76 | ||||||||||||||||||
Net (loss) income available to common shareholders before provision for income taxes | (259 | ) | (256 | ) | 1,258 | 1,286 | 776 | 288 | ||||||||||||||||
Earnings | $ | (166 | ) | $ | 139 | $ | 1,808 | $ | 1,808 | $ | 1,061 | $ | 364 | |||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | (1.78) | 0.35 | 3.29 | 3.46 | 3.72 | 4.79 |
_________________________
1. | Fixed charges consist of interest expense on all indebtedness. |
2. | No preferred stock was outstanding during fiscal years 2011 and 2010. |