Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Unaudited) | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
(in thousands of dollars) | 2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | 1,644 | $ | (2,684,999 | ) | $ | (3,678,183 | ) | $ | (296,008 | ) | $ | 22,643 | $ | 514,061 | $ | 543,574 | |||||||||||
Add: Fixed charges, excluding interest on deposits | 28,579 | 49,043 | 155,269 | 351,672 | 431,320 | 345,253 | 243,239 | |||||||||||||||||||||
Earnings available for fixed charges, excluding interest on deposits | 30,223 | (2,635,956 | ) | (3,522,914 | ) | 55,664 | 453,963 | 859,314 | 786,813 | |||||||||||||||||||
Add: Interest on deposits | 128,302 | 187,569 | 674,101 | 931,679 | 1,026,388 | 717,167 | 446,919 | |||||||||||||||||||||
Earnings available for fixed charges, including interest on deposits | 158,525 | (2,448,387 | ) | (2,848,813 | ) | 987,343 | 1,480,351 | 1,576,481 | 1,233,732 | |||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, excluding interest on deposits | 24,584 | 44,883 | 139,754 | 334,952 | 415,063 | 334,175 | 232,435 | |||||||||||||||||||||
Interest factor in net rental expense | 3,995 | 4,160 | 15,515 | 16,720 | 16,257 | 11,078 | 10,804 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 28,579 | 49,043 | 155,269 | 351,672 | 431,320 | 345,253 | 243,239 | |||||||||||||||||||||
Add: Interest on deposits | 128,302 | 187,569 | 674,101 | 931,679 | 1,026,388 | 717,167 | 446,919 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 156,881 | $ | 236,612 | $ | 829,370 | $ | 1,283,351 | $ | 1,457,708 | $ | 1,062,420 | $ | 690,158 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding interest on deposits | 1.06 | x | (53.75 | ) | x | (22.69 | ) | x | 0.16 | x | 1.05 | x | 2.49 | x | 3.23 | x | ||||||||||||
Including interest on deposits | 1.01 | x | (10.35 | ) | x | (3.43 | ) | x | 0.77 | x | 1.02 | x | 1.48 | x | 1.79 | x |