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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Three months ended March 31, | 2008 | 2007 | ||||||
(dollars are in millions) | ||||||||
Net income | $ | 255 | $ | 541 | ||||
Income tax expense | 197 | 332 | ||||||
Income before income tax expense | 452 | 873 | ||||||
Fixed charges: | ||||||||
Interest expense | 1,879 | 2,071 | ||||||
Interest portion of rentals(1) | 12 | 18 | ||||||
Total fixed charges | 1,891 | 2,089 | ||||||
Total earnings as defined | $ | 2,343 | $ | 2,962 | ||||
Ratio of earnings to fixed charges | 1.24 | 1.42 | ||||||
Preferred stock dividends(2) | 14 | 15 | ||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.23 | 1.41 |
(1) | Represents one-third of rentals, which approximates the portion representing interest. |
(2) | Preferred stock dividends are grossed up to their pretax equivalents. |