Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)
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| Nine Months Ended |
| Year Ended December 31, |
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| September 30, 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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Excluding interest on deposits |
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Income before income taxes (1) |
| $ | 16,327 |
| $ | 157,739 |
| $ | 362,229 |
| $ | 372,844 |
| $ | 382,231 |
| $ | 334,743 |
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Equity investee income |
| (1,586 | ) | (3,633 | ) | (6,983 | ) | (5,647 | ) | (2,068 | ) | (1,168 | ) | ||||||
Equity investee distributions |
| 1,824 |
| 3,914 |
| 6,629 |
| 4,844 |
| 2,234 |
| 1,337 |
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Preferred dividends of consolidated subsidiaries |
| (2,793 | ) | (3,145 | ) | (3,434 | ) | (3,407 | ) | (3,478 | ) | (3,462 | ) | ||||||
Fixed charges: |
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Interest expense (2) |
| 14,586 |
| 62,958 |
| 72,416 |
| 63,700 |
| 32,712 |
| 16,607 |
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Interest within rental expense |
| 9,155 |
| 11,913 |
| 10,300 |
| 9,644 |
| 8,439 |
| 8,535 |
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Preferred dividends of consolidated subsidiaries |
| 2,793 |
| 3,145 |
| 3,434 |
| 3,407 |
| 3,478 |
| 3,462 |
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Total fixed charges |
| $ | 26,534 |
| $ | 78,016 |
| $ | 86,150 |
| $ | 76,751 |
| $ | 44,629 |
| $ | 28,604 |
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Total earnings and fixed charges |
| $ | 40,306 |
| $ | 232,891 |
| $ | 444,591 |
| $ | 445,385 |
| $ | 423,548 |
| $ | 360,054 |
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Fixed charges, as above |
| 26,534 |
| $ | 78,016 |
| $ | 86,150 |
| $ | 76,751 |
| $ | 44,629 |
| $ | 28,604 |
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Preferred stock dividends |
| 25,787 |
| 3,225 |
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Fixed charges including preferred stock dividends |
| $ | 52,321 |
| $ | 81,241 |
| $ | 86,150 |
| $ | 76,751 |
| $ | 44,629 |
| $ | 28,604 |
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Ratio of earnings to fixed charges and preferred stock dividend requirements |
| 0.77 |
| 2.87 |
| 5.16 |
| 5.80 |
| 9.49 |
| 12.59 |
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Including interest on deposits |
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Total earnings and fixed charges, as above |
| $ | 40,306 |
| $ | 232,891 |
| $ | 444,591 |
| $ | 445,385 |
| $ | 423,548 |
| $ | 360,054 |
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Add: Interest on deposits |
| 48,483 |
| 122,990 |
| 214,680 |
| 159,024 |
| 76,045 |
| 44,258 |
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Total earnings, fixed charges and interest on deposits |
| $ | 88,789 |
| $ | 355,881 |
| $ | 659,271 |
| $ | 604,409 |
| $ | 499,593 |
| $ | 404,312 |
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Fixed charges, including preferred stock dividends, as above |
| $ | 52,321 |
| $ | 81,241 |
| $ | 86,150 |
| $ | 76,751 |
| $ | 44,629 |
| $ | 28,604 |
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Add: Interest on deposits |
| 48,483 |
| 122,990 |
| 214,680 |
| 159,024 |
| 76,045 |
| 44,258 |
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Total fixed charges including preferred stock dividends and interest on deposits |
| $ | 100,804 |
| $ | 204,231 |
| $ | 300,830 |
| $ | 235,775 |
| $ | 120,674 |
| $ | 72,862 |
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Ratio of earnings to fixed charges and preferred stock dividend requirements |
| 0.88 |
| 1.74 |
| 2.19 |
| 2.56 |
| 4.14 |
| 5.55 |
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(1) Prior period amounts have been reclassified to conform to current period presentation.
(2) Includes interest expense on uncertain tax positions.
