EXHIBIT 12.1
SYNOVUS FINANCIAL CORP.
RATIO OF EARNINGS TO FIXED CHARGES
RATIO OF EARNINGS TO FIXED CHARGES
Six | ||||||||||||||||||||||||
Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, | Year Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Ratio 1 — Including Interest on Deposits | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (885,201 | ) | (652,421 | ) | 527,674 | 645,538 | 563,340 | 489,979 | |||||||||||||||
Fixed charges | 274,987 | 787,227 | 1,095,972 | 895,696 | 535,408 | 303,451 | ||||||||||||||||||
Total | $ | (610,214 | ) | 134,806 | 1,623,646 | 1,541,234 | 1,098,748 | 793,430 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest on deposits | $ | 249,009 | 667,453 | 912,472 | 746,669 | 408,405 | 216,682 | |||||||||||||||||
Interest on short-term borrowings | 1,886 | 38,577 | 92,970 | 72,958 | 34,342 | 20,236 | ||||||||||||||||||
Interest on long-term debt | 20,141 | 73,657 | 84,014 | 71,050 | 88,299 | 62,571 | ||||||||||||||||||
Portion of rents representative of the interest factor | ||||||||||||||||||||||||
(1/3) of expense | 3,951 | 7,540 | 6,516 | 5,019 | 4,362 | 3,962 | ||||||||||||||||||
Total fixed charges | $ | 274,987 | 787,227 | 1,095,972 | 895,696 | 535,408 | 303,451 | |||||||||||||||||
Ratio of earnings to fixed charges | (2.22x | ) | 0.17x | 1.48x | 1.72x | 2.05x | 2.61x | |||||||||||||||||
Ratio 1 — Excluding Interest on Deposits | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (885,201 | ) | (652,421 | ) | 527,674 | 645,538 | 563,340 | 489,979 | |||||||||||||||
Fixed charges | 25,978 | 119,774 | 183,500 | 149,027 | 127,003 | 86,769 | ||||||||||||||||||
Total | $ | (859,223 | ) | (532,647 | ) | 711,174 | 794,565 | 690,343 | 576,748 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest on short-term borrowings | $ | 1,886 | 38,577 | 92,970 | 72,958 | 34,342 | 20,236 | |||||||||||||||||
Interest on long-term debt | 20,141 | 73,657 | 84,014 | 71,050 | 88,299 | 62,571 | ||||||||||||||||||
Portion of rents representative of the interest factor | ||||||||||||||||||||||||
(1/3) of expense | 3,951 | 7,540 | 6,516 | 5,019 | 4,362 | 3,962 | ||||||||||||||||||
Total fixed charges | $ | 25,978 | 119,774 | 183,500 | 149,027 | 127,003 | 86,769 | |||||||||||||||||
Ratio of earnings to fixed charges | (33.08x | ) | (4.45x | ) | 3.88x | 5.33x | 5.44x | 6.65x |