Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Unaudited) | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
(dollar amounts in thousands) | 2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 538,422 | $ | 194,362 | $ | 352,311 | $ | (3,678,183 | ) | $ | (296,008 | ) | $ | 22,643 | $ | 514,061 | ||||||||||||
Add: Fixed charges, excluding interest on deposits | 73,668 | 78,770 | 102,969 | 155,269 | 351,672 | 431,320 | 345,253 | |||||||||||||||||||||
Earnings available for fixed charges, excluding interest on deposits | 612,090 | 273,132 | 455,280 | (3,522,914 | ) | 55,664 | 453,963 | 859,314 | ||||||||||||||||||||
Add: Interest on deposits | 209,085 | 346,504 | 439,050 | 674,101 | 931,679 | 1,026,388 | 717,167 | |||||||||||||||||||||
Earnings available for fixed charges, including interest on deposits | 821,175 | 619,636 | 894,330 | (2,848,813 | ) | 987,343 | 1,480,351 | 1,576,481 | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, excluding interest on deposits | 61,780 | 67,086 | 87,537 | 139,754 | 334,952 | 415,063 | 334,175 | |||||||||||||||||||||
Interest factor in net rental expense | 11,888 | 11,684 | 15,432 | 15,515 | 16,720 | 16,257 | 11,078 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 73,668 | 78,770 | 102,969 | 155,269 | 351,672 | 431,320 | 345,253 | |||||||||||||||||||||
Add: Interest on deposits | 209,085 | 346,504 | 439,050 | 674,101 | 931,679 | 1,026,388 | 717,167 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 282,753 | $ | 425,274 | $ | 542,019 | $ | 829,370 | $ | 1,283,351 | $ | 1,457,708 | $ | 1,062,420 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding interest on deposits | 8.31 | x | 3.47 | x | 4.42 | x | (22.69 | )x | 0.16 | x | 1.05 | x | 2.49 | x | ||||||||||||||
Including interest on deposits | 2.90 | x | 1.46 | x | 1.65 | x | (3.43 | )x | 0.77 | x | 1.02 | x | 1.48 | x |