Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)
| | Nine Months Ended | | Year Ended December 31, | |
| | September 30, 2010 | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | |
| | | | | | | | | | | | | |
Excluding interest on deposits | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Income before income taxes (1) | | $ | 109,475 | | $ | 50,163 | | $ | 157,739 | | $ | 362,229 | | $ | 372,844 | | $ | 382,231 | |
Equity investee income | | (6,887 | ) | (3,545 | ) | (3,633 | ) | (6,983 | ) | (5,647 | ) | (2,068 | ) |
Equity investee distributions | | 5,488 | | 2,827 | | 3,914 | | 6,629 | | 4,844 | | 2,234 | |
Preferred dividends of consolidated subsidiaries | | (2,761 | ) | (3,725 | ) | (3,145 | ) | (3,434 | ) | (3,407 | ) | (3,478 | ) |
Fixed charges: | | | | | | | | | | | | | |
Interest expense (2) | | 41,613 | | 24,319 | | 62,958 | | 72,416 | | 63,700 | | 32,712 | |
Interest within rental expense | | 9,816 | | 12,286 | | 11,913 | | 10,300 | | 9,644 | | 8,439 | |
Preferred dividends of consolidated subsidiaries | | 2,761 | | 3,725 | | 3,145 | | 3,434 | | 3,407 | | 3,478 | |
Total fixed charges | | $ | 54,190 | | $ | 40,330 | | $ | 78,016 | | $ | 86,150 | | $ | 76,751 | | $ | 44,629 | |
Total earnings and fixed charges | | $ | 159,505 | | $ | 86,050 | | $ | 232,891 | | $ | 444,591 | | $ | 445,385 | | $ | 423,548 | |
| | | | | | | | | | | | | |
Fixed charges, as above | | 54,190 | | 40,330 | | $ | 78,016 | | $ | 86,150 | | $ | 76,751 | | $ | 44,629 | |
Preferred stock dividends | | 3,008 | | 34,285 | | 3,225 | | — | | — | | — | |
Fixed charges including preferred stock dividends | | $ | 57,198 | | $ | 74,615 | | $ | 81,241 | | $ | 86,150 | | $ | 76,751 | | $ | 44,629 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividend requirements | | 2.79 | | 1.15 | | 2.87 | | 5.16 | | 5.80 | | 9.49 | |
| | | | | | | | | | | | | |
Including interest on deposits | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total earnings and fixed charges, as above | | $ | 159,505 | | $ | 86,050 | | $ | 232,891 | | $ | 444,591 | | $ | 445,385 | | $ | 423,548 | |
Add: Interest on deposits | | 38,165 | | 60,429 | | 122,990 | | 214,680 | | 159,024 | | 76,045 | |
Total earnings, fixed charges and interest on deposits | | $ | 197,670 | | $ | 146,479 | | $ | 355,881 | | $ | 659,271 | | $ | 604,409 | | $ | 499,593 | |
| | | | | | | | | | | | | |
Fixed charges, including preferred stock dividends, as above | | $ | 57,198 | | $ | 74,615 | | $ | 81,241 | | $ | 86,150 | | $ | 76,751 | | $ | 44,629 | |
Add: Interest on deposits | | 38,165 | | 60,429 | | 122,990 | | 214,680 | | 159,024 | | 76,045 | |
Total fixed charges including preferred stock dividends and interest on deposits | | $ | 95,363 | | $ | 135,044 | | $ | 204,231 | | $ | 300,830 | | $ | 235,775 | | $ | 120,674 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividend requirements | | 2.07 | | 1.08 | | 1.74 | | 2.19 | | 2.56 | | 4.14 | |
(1) Prior period amounts have been reclassified to conform to current period presentation.
(2) Includes interest expense on uncertain tax positions.
