Part IV(continued)
Exhibit 12. Statement re: Computation of Ratios
Bancwest Corporation and Subsidiaries
Computation of Consolidated Ratios of Earnings to Fixed Charges
Year Ended December 31, | |||||||||||||||||||||
(dollars in thousands) | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||
Income before income taxes | $ | 595,326 | $ | 426,116 | $ | 368,621 | $ | 296,129 | $ | 144,901 | |||||||||||
Fixed charges (1): | |||||||||||||||||||||
Interest expense | 465,330 | 507,135 | 562,922 | 446,877 | 315,822 | ||||||||||||||||
Rental expense | 21,332 | 15,531 | 15,290 | 15,017 | 13,659 | ||||||||||||||||
486,662 | 522,666 | 578,212 | 461,894 | 329,481 | |||||||||||||||||
Less interest on deposits | 281,466 | 393,263 | 458,204 | 368,621 | 253,860 | ||||||||||||||||
Net fixed charges | 205,196 | 129,403 | 120,008 | 93,273 | 75,621 | ||||||||||||||||
Earnings, excluding interest on deposits | $ | 800,522 | $ | 555,519 | $ | 488,629 | $ | 389,402 | $ | 220,522 | |||||||||||
Earnings, including interest on deposits | $ | 1,081,988 | $ | 948,782 | $ | 946,833 | $ | 758,023 | $ | 474,382 | |||||||||||
Ratio of earnings to fixed charges: | |||||||||||||||||||||
Excluding interest on deposits | 3.90x | 4.29x | 4.07x | 4.17x | 2.92x | ||||||||||||||||
Including interest on deposits | 2.22x | 1.82x | 1.64x | 1.64x | 1.44x |
(1) For purposes of computing the consolidated ratios of earnings to fixed charges, earnings represent income before income taxes and fixed charges. Fixed charges, excluding interest on deposits, include interest (other than on deposits), whether expensed or capitalized, and that portion of rental expense (generally one third) deemed representative of the interest factor. Fixed charges, including interest on deposits, consist of the foregoing items plus interest on deposits.
BancWest Corporation and Subsidiaries 91