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):
Three Months Ended | Fiscal Year | |||||||||||||||||||||||
March 31, 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Ratio of earnings to fixed charges: | ||||||||||||||||||||||||
Fixed charges 1 | $ | 206 | $ | 524 | $ | 394 | $ | 330 | $ | 372 | $ | 536 | ||||||||||||
Net (loss) income available to common shareholders before provision for income taxes | 415 | 733 | 595 | 187 | (256 | ) | 1,245 | |||||||||||||||||
Earnings | $ | 621 | $ | 1,257 | $ | 989 | $ | 517 | $ | 116 | $ | 1,781 | ||||||||||||
Ratio of earnings to fixed charges | 3.01 | 2.40 | 2.51 | 1.57 | 0.31 | 3.32 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends: | ||||||||||||||||||||||||
Fixed charges 1 | $ | 206 | $ | 524 | $ | 394 | $ | 330 | $ | 372 | $ | 536 | ||||||||||||
Preferred stock dividends | 9 | 32 | 28 | 28 | 23 | 14 | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | 215 | 556 | 422 | 358 | 395 | 550 | ||||||||||||||||||
Net (loss) income available to common shareholders before provision for income taxes | 415 | 733 | 595 | 187 | (256 | ) | 1,245 | |||||||||||||||||
Earnings | $ | 630 | $ | 1,289 | $ | 1,017 | $ | 545 | $ | 139 | $ | 1,795 | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.93 | 2.32 | 2.41 | 1.52 | 0.35 | 3.26 |
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1. | Fixed charges consist of interest expense, as defined under U.S. generally accepted accounting principles, on all indebtedness. |