Comerica (CMA) S-3ASRAutomatic shelf registration

Filed: 20 Nov 15, 12:00am

Exhibit 12.1



Computation of Ratios of Earnings to Fixed Charges


	For the nine months ended September 30,		For the year ended December 31,
(dollars in millions)	2015		2014			2013^(a)			2012^(a)			2011^(a)			2010^(a)

Earnings:
Income before income taxes	$	593	$	870		$	786		$	762		$	581		$	365
Less:
Interest and penalties on tax liabilities	1		(4		)	(1		)	(1		)	(7		)	5
Income before income taxes after interest on tax liabilities	592		874			787			763			588			360
Plus:
Fixed charges	88		122			136			160			181			231
Earnings, including interest on deposits	680		996			923			923			769			591
Less:
Interest on deposits	33		45			55			70			90			115
Earnings, excluding interest on deposits	$	647	$	951		$	868		$	853		$	679		$	476

Fixed charges:
Interest expense	$	71	$	95		$	112		$	135		$	156		$	207
Interest portion of rental expense	17		27			24			25			25			24
Total fixed charges	88		122			136			160			181			231
Less:
Interest on deposits	33		45			55			70			90			115
Total fixed charges, excluding interest on deposits	$	55	$	77		$	81		$	90		$	91		$	116

Earnings to fixed charges:
Excluding interest on deposits	11.69x		12.42x			10.73x			9.53x			7.44x			4.10x
Including interest on deposits	7.75x		8.21x			6.81x			5.78x			4.25x			2.55x

(a) Prior period balances have been adjusted for the Q1 2014 adoption of ASU 2014-01



Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends


	For the nine months ended September 30,		For the year ended December 31,
(dollars in millions)	2015		2014			2013^(a)			2012^(a)			2011^(a)			2010^(a)

Earnings:
Income before income taxes	$	593	$	870		$	786		$	762		$	581		$	365
Less:
Interest and penalties on tax liabilities	1		(4		)	(1		)	(1		)	(7		)	5
Income before income taxes after interest on tax liabilities	592		874			787			763			588			360
Plus:
Fixed charges (excluding preferred stock dividends)	88		122			136			160			181			231
Earnings, including interest on deposits	680		996			923			923			769			591
Less:
Interest on deposits	33		45			55			70			90			115
Earnings, excluding interest on deposits	$	647	$	951		$	868		$	853		$	679		$	476

Fixed charges:
Interest expense	$	71	$	95		$	112		$	135		$	156		$	207
Interest portion of rental expense	17		27			24			25			25			24
Preferred dividends	—		—			—			—			—			150
Total fixed charges	88		122			136			160			181			381
Less:
Interest on deposits	33		45			55			70			90			115
Total fixed charges, excluding interest on deposits	$	55	$	77		$	81		$	90		$	91		$	266

Earnings to fixed charges and preferred dividends:
Excluding interest on deposits	11.69x		12.42x			10.73x			9.53x			7.44x			1.79x
Including interest on deposits	7.75x		8.21x			6.81x			5.78x			4.25x			1.55x

(a) Prior period balances have been adjusted for the Q1 2014 adoption of ASU 2014-01

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.