EXHIBIT 12
WESBANCO, INC.
Computations of Consolidated Ratios of Earnings to Fixed Charges
(Dollars in thousands - unaudited)
For the twelve months ended December 31, | |||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
Excluding Interest on Deposits: | |||||||||||||||
Fixed Charges: | |||||||||||||||
Interest Expense (excluding interest on deposits) | $ | 36,203 | $ | 27,791 | $ | 30,672 | $ | 34,255 | $ | 20,626 | |||||
Interest Factor Within Rent Expense (1) | 829 | 777 | 742 | 763 | 545 | ||||||||||
Preferred Stock Dividend (2) | 293 | — | — | — | — | ||||||||||
Total Fixed Charges | 37,325 | 28,568 | 31,414 | 35,018 | 21,171 | ||||||||||
Earnings: | |||||||||||||||
Income before Income Taxes | $ | 42,610 | $ | 52,690 | $ | 48,298 | $ | 54,479 | $ | 47,158 | |||||
Fixed Charges (excluding Preferred Stock Dividends) | 37,032 | 28,568 | 31,414 | 35,018 | 21,171 | ||||||||||
Total Earnings | 79,642 | 81,258 | 79,712 | 89,497 | 68,329 | ||||||||||
Ratio of Earnings to Fixed Charges, Excluding | 2.13 | 2.84 | 2.54 | 2.56 | 3.23 | ||||||||||
Including Interest on Deposits: | |||||||||||||||
Fixed Charges: | |||||||||||||||
Interest Expense | $ | 121,229 | $ | 117,080 | $ | 104,436 | $ | 92,434 | $ | 60,212 | |||||
Interest Factor Within Rent Expense (1) | 829 | 777 | 742 | 763 | 545 | ||||||||||
Preferred Stock Dividend (2) | 293 | — | — | — | — | ||||||||||
Total Fixed Charges | 122,351 | 117,857 | 105,178 | 93,197 | 60,757 | ||||||||||
Earnings: | |||||||||||||||
Income Before Income Taxes | $ | 42,610 | $ | 52,690 | $ | 48,298 | $ | 54,479 | $ | 47,158 | |||||
Fixed Charges (Excluding Preferred Stock Dividends) | 122,058 | 117,857 | 105,178 | 93,197 | 60,757 | ||||||||||
Total Earnings | 164,668 | 170,547 | 153,476 | 147,676 | 107,915 | ||||||||||
Ratio of Earnings to Fixed Charges, Excluding | 1.35 | 1.45 | 1.46 | 1.58 | 1.78 | ||||||||||
(1) | The portion of rents shown as representative of the interest factor is one-third of total net operating lease expenses. |
(2) | Represents the dividend accrued on the Series A Preferred Stock for the period ended December 31, 2008. |