Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Unaudited) | ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
June 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
(in thousands of dollars) | 2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | (2,822,844 | ) | $ | 281,125 | $ | (296,008 | ) | $ | 22,643 | $ | 514,061 | $ | 543,574 | $ | 552,666 | ||||||||||||
Add: Fixed charges, excluding interest on deposits | 89,364 | 189,223 | 351,672 | 431,320 | 345,253 | 243,239 | 191,648 | |||||||||||||||||||||
Earnings available for fixed charges, excluding interest on deposits | (2,733,480 | ) | 470,348 | 55,664 | 453,963 | 859,314 | 786,813 | 744,314 | ||||||||||||||||||||
Add: Interest on deposits | 363,650 | 502,648 | 931,679 | 1,026,388 | 717,167 | 446,919 | 257,099 | |||||||||||||||||||||
Earnings available for fixed charges, including interest on deposits | $ | (2,369,830 | ) | $ | 972,996 | $ | 987,343 | $ | 1,480,351 | $ | 1,576,481 | $ | 1,233,732 | $ | 1,001,413 | |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, excluding interest on deposits | $ | 81,907 | $ | 180,748 | $ | 334,952 | $ | 415,063 | $ | 334,175 | $ | 232,435 | $ | 178,842 | ||||||||||||||
Interest factor in net rental expense | 7,457 | 8,475 | 16,720 | 16,257 | 11,078 | 10,804 | 12,806 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 89,364 | 189,223 | 351,672 | 431,320 | 345,253 | 243,239 | 191,648 | |||||||||||||||||||||
Add: Interest on deposits | 363,650 | 502,648 | 931,679 | 1,026,388 | 717,167 | 446,919 | 257,099 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 453,014 | $ | 691,871 | $ | 1,283,351 | $ | 1,457,708 | $ | 1,062,420 | $ | 690,158 | $ | 448,747 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding interest on deposits | (30.59 | )x | 2.49 | x | 0.16 | x | 1.05 | x | 2.49 | x | 3.23 | x | 3.88 | x | ||||||||||||||
Including interest on deposits | (5.23 | )x | 1.41 | x | 0.77 | x | 1.02 | x | 1.48 | x | 1.79 | x | 2.23 | x |