Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)
| | Six Months | | | | | | | | | | | |
| | Ended | | Year Ended December 31, | |
| | June 30, 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | 2008 | |
| | | | | | | | | | | | | |
Excluding interest on deposits | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Income before income taxes | | $ | 158,995 | | $ | 307,955 | | $ | 253,616 | | $ | 161,152 | | $ | 50,163 | | $ | 157,739 | |
Equity investee income | | (8,150 | ) | (11,000 | ) | (12,720 | ) | (10,207 | ) | (3,545 | ) | (3,633 | ) |
Equity investee distributions | | 4,510 | | 8,234 | | 9,428 | | 8,084 | | 2,827 | | 3,914 | |
Preferred dividends of consolidated subsidiaries | | — | | — | | (2,885 | ) | (3,681 | ) | (3,725 | ) | (3,145 | ) |
Fixed charges: | | | | | | | | | | | | | |
Interest expense (1) | | 22,417 | | 41,881 | | 36,831 | | 52,036 | | 24,319 | | 62,958 | |
Interest within rental expense | | 8,042 | | 15,195 | | 13,015 | | 13,149 | | 12,286 | | 11,913 | |
Preferred dividends of consolidated subsidiaries | | — | | — | | 2,885 | | 3,681 | | 3,725 | | 3,145 | |
Total fixed charges | | $ | 30,459 | | $ | 57,076 | | $ | 52,731 | | $ | 68,866 | | $ | 40,330 | | $ | 78,016 | |
Total earnings and fixed charges | | $ | 185,814 | | $ | 362,265 | | $ | 300,170 | | $ | 224,214 | | $ | 86,050 | | $ | 232,891 | |
| | | | | | | | | | | | | |
Fixed charges, as above | | $ | 30,459 | | $ | 57,076 | | $ | 52,731 | | $ | 68,866 | | $ | 40,330 | | $ | 78,016 | |
Preferred stock dividends | | 8,272 | | — | | — | | 3,008 | | 34,285 | | 3,225 | |
Fixed charges including preferred stock dividends | | $ | 38,731 | | $ | 57,076 | | $ | 52,731 | | $ | 71,874 | | $ | 74,615 | | $ | 81,241 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividend requirements | | 4.80 | | 6.35 | | 5.69 | | 3.12 | | 1.15 | | 2.87 | |
| | | | | | | | | | | | | |
Including interest on deposits | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total earnings and fixed charges, as above | | $ | 185,814 | | $ | 362,265 | | $ | 300,170 | | $ | 224,214 | | $ | 86,050 | | $ | 232,891 | |
Add: Interest on deposits | | 5,930 | | 14,042 | | 33,685 | | 49,030 | | 60,429 | | 122,990 | |
Total earnings, fixed charges and interest on deposits | | $ | 191,744 | | $ | 376,307 | | $ | 333,855 | | $ | 273,244 | | $ | 146,479 | | $ | 355,881 | |
| | | | | | | | | | | | | |
Fixed charges, including preferred stock dividends, as above | | $ | 38,731 | | $ | 57,076 | | $ | 52,731 | | $ | 71,874 | | $ | 74,615 | | $ | 81,241 | |
Add: Interest on deposits | | 5,930 | | 14,042 | | 33,685 | | 49,030 | | 60,429 | | 122,990 | |
Total fixed charges including preferred stock dividends and interest on deposits | | $ | 44,661 | | $ | 71,118 | | $ | 86,416 | | $ | 120,904 | | $ | 135,044 | | $ | 204,231 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividend requirements | | 4.29 | | 5.29 | | 3.86 | | 2.26 | | 1.08 | | 1.74 | |
(1) Includes interest expense on uncertain tax positions.
