Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)
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| Three Months |
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| Ended |
| Year Ended December 31, |
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| March 31, 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Excluding interest on deposits |
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Income before income taxes |
| $ | 81,498 |
| $ | 327,135 |
| $ | 307,955 |
| $ | 253,616 |
| $ | 161,152 |
| $ | 50,163 |
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Equity investee income |
| (4,450 | ) | (16,650 | ) | (11,000 | ) | (12,720 | ) | (10,207 | ) | (3,545 | ) | ||||||
Equity investee distributions |
| 6,659 |
| 9,698 |
| 8,234 |
| 9,428 |
| 8,084 |
| 2,827 |
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Preferred dividends of consolidated subsidiaries |
| — |
| — |
| — |
| (2,885 | ) | (3,681 | ) | (3,725 | ) | ||||||
Fixed charges: |
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Interest expense (1) |
| 11,187 |
| 44,466 |
| 41,881 |
| 36,831 |
| 52,036 |
| 24,319 |
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Interest within rental expense |
| 3,806 |
| 16,095 |
| 15,195 |
| 13,015 |
| 13,149 |
| 12,286 |
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Preferred dividends of consolidated subsidiaries |
| — |
| — |
| — |
| 2,885 |
| 3,681 |
| 3,725 |
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Total fixed charges |
| $ | 14,993 |
| $ | 60,561 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 68,866 |
| $ | 40,330 |
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Total earnings and fixed charges |
| $ | 98,700 |
| $ | 380,744 |
| $ | 362,265 |
| $ | 300,170 |
| $ | 224,214 |
| $ | 86,050 |
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Fixed charges, as above |
| $ | 14,993 |
| $ | 60,561 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 68,866 |
| $ | 40,330 |
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Preferred stock dividends |
| 7,038 |
| 16,547 |
| — |
| — |
| 3,008 |
| 34,285 |
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Fixed charges including preferred stock dividends |
| $ | 22,031 |
| $ | 77,108 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 71,874 |
| $ | 74,615 |
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Ratio of earnings to fixed charges and preferred stock dividend requirements |
| 4.48 |
| 4.94 |
| 6.35 |
| 5.69 |
| 3.12 |
| 1.15 |
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Including interest on deposits |
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Total earnings and fixed charges, as above |
| $ | 98,700 |
| $ | 380,744 |
| $ | 362,265 |
| $ | 300,170 |
| $ | 224,214 |
| $ | 86,050 |
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Add: Interest on deposits |
| 2,134 |
| 11,114 |
| 14,042 |
| 33,685 |
| 49,030 |
| 60,429 |
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Total earnings, fixed charges and interest on deposits |
| $ | 100,834 |
| $ | 391,858 |
| $ | 376,307 |
| $ | 333,855 |
| $ | 273,244 |
| $ | 146,479 |
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Fixed charges, including preferred stock dividends, as above |
| $ | 22,031 |
| $ | 77,108 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 71,874 |
| $ | 74,615 |
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Add: Interest on deposits |
| 2,134 |
| 11,114 |
| 14,042 |
| 33,685 |
| 49,030 |
| 60,429 |
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Total fixed charges including preferred stock dividends and interest on deposits |
| $ | 24,165 |
| $ | 88,222 |
| $ | 71,118 |
| $ | 86,416 |
| $ | 120,904 |
| $ | 135,044 |
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Ratio of earnings to fixed charges and preferred stock dividend requirements |
| 4.17 |
| 4.44 |
| 5.29 |
| 3.86 |
| 2.26 |
| 1.08 |
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(1) Includes interest expense on uncertain tax positions.