Synchrony Financial (SYF) 8-K Other Events

Exhibit 12.1

SYNCHRONY FINANCIAL

Ratio of Earnings to Fixed Charges

	Three Months Ended March 31,		Year Ended December 31,
	2015		2014		2013		2012		2011		2010
Earnings(a)	$	883	$	3,386	$	3,142	$	3,376	$	3,010	$	2,029
Plus:
Interest included in expense(b)		248		877		703		694		884		1,051
Amortization of debt expense and discount or premium on indebtedness		27		45		39		51		48		43
One third of rental expense(c)		7		21		17		17		17		20
Adjusted “earnings”	$	1,165	$	4,329	$	3,901	$	4,138	$	3,959	$	3,143
Fixed Charges:
Interest included in expense (b)	$	248	$	877	$	703	$	694	$	884	$	1,051
Amortization of debt expense and discount or premium on indebtedness		27		45		39		51		48		43
One third of rental expense(c)		7		21		17		17		17		20
Total fixed charges	$	282	$	943	$	759	$	762	$	949	$	1,114
Ratio of earnings to fixed charges		4.1		4.6		5.1		5.4		4.2		2.8

(a) Earnings before income taxes

(b) Includes interest on tax deficiencies

(c) Considered to be representative of interest factor in rental expense