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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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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Excluding interest on deposits (1) |
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Income before income taxes |
| $ | 303,316 |
| $ | 394,940 |
| $ | 341,980 |
| $ | 321,540 |
| $ | 265,871 |
| $ | 172,014 |
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Equity investee income |
| (14,070 | ) | (10,250 | ) | (16,650 | ) | (11,000 | ) | (12,720 | ) | (10,207 | ) | ||||||
Equity investee distributions |
| 8,432 |
| 14,468 |
| 9,698 |
| 8,234 |
| 9,428 |
| 8,084 |
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Preferred dividends of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| (2,885 | ) | (3,681 | ) | ||||||
Fixed charges: |
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Interest expense (2) |
| 26,558 |
| 40,565 |
| 44,466 |
| 41,881 |
| 36,831 |
| 52,036 |
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Interest within rental expense |
| 11,804 |
| 15,119 |
| 16,095 |
| 15,195 |
| 13,015 |
| 13,149 |
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Preferred dividends of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| 2,885 |
| 3,681 |
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Total fixed charges |
| 38,362 |
| 55,684 |
| 60,561 |
| 57,076 |
| 52,731 |
| 68,866 |
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Total earnings and fixed charges |
| $ | 336,040 |
| $ | 454,842 |
| $ | 395,589 |
| $ | 375,850 |
| $ | 312,425 |
| $ | 235,076 |
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Fixed charges, as above |
| $ | 38,362 |
| $ | 55,684 |
| $ | 60,561 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 68,866 |
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Preferred stock dividends |
| 21,112 |
| 28,150 |
| 16,547 |
| — |
| — |
| 3,008 |
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Fixed charges including preferred stock dividends |
| $ | 59,474 |
| $ | 83,834 |
| $ | 77,108 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 71,874 |
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Ratio of earnings to fixed charges and preferred stock dividend requirements |
| 5.65 |
| 5.43 |
| 5.13 |
| 6.59 |
| 5.92 |
| 3.27 |
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Including interest on deposits |
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Total earnings and fixed charges, as above |
| $ | 336,040 |
| $ | 454,842 |
| $ | 395,589 |
| $ | 375,850 |
| $ | 312,425 |
| $ | 235,076 |
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Add: Interest on deposits |
| 5,676 |
| 8,271 |
| 11,114 |
| 14,042 |
| 33,685 |
| 49,030 |
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Total earnings, fixed charges and interest on deposits |
| $ | 341,716 |
| $ | 463,113 |
| $ | 406,703 |
| $ | 389,892 |
| $ | 346,110 |
| $ | 284,106 |
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Fixed charges, including preferred stock dividends, as above |
| $ | 59,474 |
| $ | 83,834 |
| $ | 77,108 |
| $ | 57,076 |
| $ | 52,731 |
| $ | 71,874 |
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Add: Interest on deposits |
| 5,676 |
| 8,271 |
| 11,114 |
| 14,042 |
| 33,685 |
| 49,030 |
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Total fixed charges including preferred stock dividends and interest on deposits |
| $ | 65,150 |
| $ | 92,105 |
| $ | 88,222 |
| $ | 71,118 |
| $ | 86,416 |
| $ | 120,904 |
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Ratio of earnings to fixed charges and preferred stock dividend requirements |
| 5.25 |
| 5.03 |
| 4.61 |
| 5.48 |
| 4.01 |
| 2.35 |
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(1) Certain prior period amounts have been adjusted to reflect the adoption of ASU 2014-01. See Note 1, Summary of Significant Accounting Policies, of the Notes to the Unaudited Consolidated Financial Statements for further discussion.
(2) Includes interest expense on uncertain tax positions.