Exhibit 12.1
Statement Regarding Consolidated Ratio of Combined Earnings to Fixed Charges and Preferred Stock Dividends
The following table sets forth the calculation of our consolidated ratio of combined earnings to fixed charges and preferred stock dividends, including deposit interest within fixed charges and excluding deposit interest within fixed charges, for each of the periods indicated is as follows (in thousands):
| For the three months ended March 31 | For the year ended December 31, | |||||||||||||||||||||||||||
| Ratio of Earnings to Fixed Charges*: | 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 6,932 | 8,402 | 30,913 | 38,063 | 51,901 | 83,546 | 154,010 | |||||||||||||||||||||
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Including deposit interest | 6,932 | 8,402 | 30,913 | 38,063 | 51,901 | 83,546 | 154,010 | |||||||||||||||||||||
Interest on deposits | 5,878 | 7,372 | 26,740 | 33,774 | 46,480 | 66,016 | 118,784 | |||||||||||||||||||||
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Excluding deposit interest | 1,054 | 1,030 | 4,173 | 4,289 | 5,421 | 17,530 | 35,226 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pre-tax income | 93,730 | 89,733 | 383,347 | 398,608 | 381,035 | 318,124 | 242,132 | |||||||||||||||||||||
Fixed charges | 6,932 | 8,402 | 30,913 | 38,063 | 51,901 | 83,546 | 154,010 | |||||||||||||||||||||
Noncontrolling interest in pre-tax income of subs that have incurred no fixed charges | (192 | ) | (209 | ) | 156 | 2,110 | 3,280 | 165 | (700 | ) | ||||||||||||||||||
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Including deposit interest within fixed charges | 100,854 | 98,344 | 414,104 | 434,561 | 429,656 | 401,505 | 396,842 | |||||||||||||||||||||
Interest on deposits | 5,878 | 7,372 | 26,740 | 33,774 | 46,480 | 66,016 | 118,784 | |||||||||||||||||||||
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Excluding deposit interest from fixed charges | 94,976 | 90,972 | 387,364 | 400,787 | 383,176 | 335,489 | 278,058 | |||||||||||||||||||||
Ratio, including deposit interest within fixed charges | 14.55 | 11.70 | 13.40 | 11.42 | 8.28 | 4.81 | 2.58 | |||||||||||||||||||||
Ratio, excluding deposit interest within fixed charges | 90.11 | 88.32 | 92.83 | 93.45 | 70.68 | 19.14 | 7.89 | |||||||||||||||||||||
| * | During these periods, we had no outstanding shares of preferred stock. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends for the years ended December 31, 2013, 2012, 2011, 2010 and 2009 and the three months ended March 31, 2014 and 2013 is not different from the ratio of earnings to fixed charges for those periods. |
For purposes of calculating the ratio of earnings to fixed charges, earnings represent income before income taxes, plus fixed charges, less ournon-controlling interest in income before income taxes of subsidiaries that have not incurred fixed charges. Fixed charges include interest expense.
