QuickLinks -- Click here to rapidly navigate through this document
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)
| Year Ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Excluding interest on deposits | ||||||||||||||||
Income before income taxes | $ | 377,797 | $ | 327,135 | $ | 307,955 | $ | 253,616 | $ | 161,152 | ||||||
Equity investee income | (10,250 | ) | (16,650 | ) | (11,000 | ) | (12,720 | ) | (10,207 | ) | ||||||
Equity investee distributions | 14,468 | 9,698 | 8,234 | 9,428 | 8,084 | |||||||||||
Preferred dividends of consolidated subsidiaries | — | — | — | (2,885 | ) | (3,681 | ) | |||||||||
Fixed charges: | ||||||||||||||||
Interest expense (1) | 40,565 | 44,466 | 41,881 | 36,831 | 52,036 | |||||||||||
Interest within rental expense | 15,119 | 16,095 | 15,195 | 13,015 | 13,149 | |||||||||||
Preferred dividends of consolidated subsidiaries | — | — | — | 2,885 | 3,681 | |||||||||||
| | | | | | | | | | | | | | | | |
Total fixed charges | 55,684 | 60,561 | 57,076 | 52,731 | 68,866 | |||||||||||
| | | | | | | | | | | | | | | | |
Total earnings and fixed charges | $ | 437,699 | $ | 380,744 | $ | 362,265 | $ | 300,170 | $ | 224,214 | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Fixed charges, as above | $ | 55,684 | $ | 60,561 | $ | 57,076 | $ | 52,731 | $ | 68,866 | ||||||
Preferred stock dividends | 28,150 | 16,547 | — | — | 3,008 | |||||||||||
| | | | | | | | | | | | | | | | |
Fixed charges including preferred stock dividends | $ | 83,834 | $ | 77,108 | $ | 57,076 | $ | 52,731 | $ | 71,874 | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividend requirements | 5.22 | 4.94 | 6.35 | 5.69 | 3.12 | |||||||||||
Including interest on deposits | ||||||||||||||||
Total earnings and fixed charges, as above | $ | 437,699 | $ | 380,744 | $ | 362,265 | $ | 300,170 | $ | 224,214 | ||||||
Add: Interest on deposits | 8,271 | 11,114 | 14,042 | 33,685 | 49,030 | |||||||||||
| | | | | | | | | | | | | | | | |
Total earnings, fixed charges and interest on deposits | $ | 445,970 | $ | 391,858 | $ | 376,307 | $ | 333,855 | $ | 273,244 | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Fixed charges, including preferred stock dividends, as above | $ | 83,834 | $ | 77,108 | $ | 57,076 | $ | 52,731 | $ | 71,874 | ||||||
Add: Interest on deposits | 8,271 | 11,114 | 14,042 | 33,685 | 49,030 | |||||||||||
| | | | | | | | | | | | | | | | |
Total fixed charges including preferred stock dividends and interest on deposits | $ | 92,105 | $ | 88,222 | $ | 71,118 | $ | 86,416 | $ | 120,904 | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividend requirements | 4.84 | 4.44 | 5.29 | 3.86 | 2.26 |
- (1)
- Includes interest expense on uncertain tax positions.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements (in thousands, except ratios)