Exhibit 12.2
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Unaudited) | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
(in thousands of dollars) | 2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 194,362 | $ | (3,080,206 | ) | $ | (3,678,183 | ) | $ | (296,008 | ) | $ | 22,643 | $ | 514,061 | $ | 543,574 | |||||||||||
Add: Fixed charges, excluding interest on deposits and preferred stock dividends | 78,770 | 122,849 | 155,269 | 351,672 | 431,320 | 345,253 | 243,239 | |||||||||||||||||||||
Earnings available for fixed charges, excluding interest on deposits | 273,132 | (2,957,357 | ) | (3,522,914 | ) | 55,664 | 453,963 | 859,314 | 786,813 | |||||||||||||||||||
Add: Interest on deposits | 346,504 | 525,243 | 674,101 | 931,679 | 1,026,388 | 717,167 | 446,919 | |||||||||||||||||||||
Earnings available for fixed charges, including interest on deposits | 619,636 | (2,432,114 | ) | (2,848,813 | ) | 987,343 | 1,480,351 | 1,576,481 | 1,233,732 | |||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, excluding interest on deposits | 67,086 | 111,341 | 139,754 | 334,952 | 415,063 | 334,175 | 232,435 | |||||||||||||||||||||
Interest factor in net rental expense | 11,684 | 11,508 | 15,515 | 16,720 | 16,257 | 11,078 | 10,804 | |||||||||||||||||||||
Preferred stock dividends | 88,278 | 145,467 | 174,756 | 46,400 | — | — | — | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 167,048 | 268,316 | 330,025 | 398,072 | 431,320 | 345,253 | 243,239 | |||||||||||||||||||||
Add: Interest on deposits | 346,504 | 525,243 | 674,101 | 931,679 | 1,026,388 | 717,167 | 446,919 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 513,552 | $ | 793,559 | $ | 1,004,126 | $ | 1,329,751 | $ | 1,457,708 | $ | 1,062,420 | $ | 690,158 | ||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | ||||||||||||||||||||||||||||
Excluding interest on deposits | 1.64 | x | (11.02 | )x | (10.67 | )x | 0.14 | x | 1.05 | x | 2.49 | x | 3.23 | x | ||||||||||||||
Including interest on deposits | 1.21 | x | (3.06 | )x | (2.84 | )x | 0.74 | x | 1.02 | x | 1.48 | x | 1.79 | x |