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 |
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| Ended |
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| September 30, |
| Year Ended December 31, |
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| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Excluding interest on deposits |
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Income before income taxes |
| $ | 250,289 |
| $ | 307,955 |
| $ | 253,616 |
| $ | 161,152 |
| $ | 50,163 |
| $ | 157,739 |
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Equity investee income |
| (12,100 | ) | (11,000 | ) | (12,720 | ) | (10,207 | ) | (3,545 | ) | (3,633 | ) | ||||||
Equity investee distributions |
| 7,091 |
| 8,234 |
| 9,428 |
| 8,084 |
| 2,827 |
| 3,914 |
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Preferred dividends of consolidated subsidiaries |
| — |
| — |
| (2,885 | ) | (3,681 | ) | (3,725 | ) | (3,145 | ) | ||||||
Fixed charges: |
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Interest expense (1) |
| 33,358 |
| 41,881 |
| 36,831 |
| 52,036 |
| 24,319 |
| 62,958 |
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Interest within rental expense |
| 12,051 |
| 15,195 |
| 13,015 |
| 13,149 |
| 12,286 |
| 11,913 |
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Preferred dividends of consolidated subsidiaries |
| — |
| — |
| 2,885 |
| 3,681 |
| 3,725 |
| 3,145 |
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Total fixed charges |
| $ | 45,409 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 68,866 |
| $ | 40,330 |
| $ | 78,016 |
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Total earnings and fixed charges |
| $ | 290,689 |
| $ | 362,265 |
| $ | 300,170 |
| $ | 224,214 |
| $ | 86,050 |
| $ | 232,891 |
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Fixed charges, as above |
| $ | 45,409 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 68,866 |
| $ | 40,330 |
| $ | 78,016 |
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Preferred stock dividends |
| 12,410 |
| — |
| — |
| 3,008 |
| 34,285 |
| 3,225 |
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Fixed charges including preferred stock dividends |
| $ | 57,819 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 71,874 |
| $ | 74,615 |
| $ | 81,241 |
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Ratio of earnings to fixed charges and preferred stock dividend requirements |
| 5.03 |
| 6.35 |
| 5.69 |
| 3.12 |
| 1.15 |
| 2.87 |
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Including interest on deposits |
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Total earnings and fixed charges, as above |
| $ | 290,689 |
| $ | 362,265 |
| $ | 300,170 |
| $ | 224,214 |
| $ | 86,050 |
| $ | 232,891 |
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Add: Interest on deposits |
| 8,856 |
| 14,042 |
| 33,685 |
| 49,030 |
| 60,429 |
| 122,990 |
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Total earnings, fixed charges and interest on deposits |
| $ | 299,545 |
| $ | 376,307 |
| $ | 333,855 |
| $ | 273,244 |
| $ | 146,479 |
| $ | 355,881 |
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Fixed charges, including preferred stock dividends, as above |
| $ | 57,819 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 71,874 |
| $ | 74,615 |
| $ | 81,241 |
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Add: Interest on deposits |
| 8,856 |
| 14,042 |
| 33,685 |
| 49,030 |
| 60,429 |
| 122,990 |
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Total fixed charges including preferred stock dividends and interest on deposits |
| $ | 66,675 |
| $ | 71,118 |
| $ | 86,416 |
| $ | 120,904 |
| $ | 135,044 |
| $ | 204,231 |
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Ratio of earnings to fixed charges and preferred stock dividend requirements |
| 4.49 |
| 5.29 |
| 3.86 |
| 2.26 |
| 1.08 |
| 1.74 |
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(1) Includes interest expense on uncertain tax positions.