Exhibit 12
Ratio of Earnings to Fixed Charges
(Unaudited and Restated)
Twelve Months Ended December 31, | ||||||||||||||||||||
(in thousands of dollars) | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income before taxes | $ | 523,987 | $ | 522,705 | $ | 95,477 | $ | 448,454 | $ | 602,325 | ||||||||||
Add: Fixed charges, excluding interest on deposits | 179,903 | 169,788 | 299,872 | 398,214 | 356,563 | |||||||||||||||
Earnings available for fixed charges, excluding interest on deposits | 703,890 | 692,493 | 395,349 | 846,668 | 958,888 | |||||||||||||||
Add: Interest on deposits | 288,271 | 385,733 | 654,056 | 782,076 | 639,605 | |||||||||||||||
Earnings available for fixed charges, including interest on deposits | $ | 992,161 | $ | 1,078,226 | $ | 1,049,405 | $ | 1,628,744 | $ | 1,598,493 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, excluding interest on deposits | $ | 168,499 | $ | 157,888 | $ | 285,445 | $ | 383,997 | $ | 344,635 | ||||||||||
Interest factor in net rental expense | 11,404 | 11,900 | 14,427 | 14,217 | 11,928 | |||||||||||||||
Total fixed charges, excluding interest on deposits | 179,903 | 169,788 | 299,872 | 398,214 | 356,563 | |||||||||||||||
Add: Interest on deposits | 288,271 | 385,733 | 654,056 | 782,076 | 639,605 | |||||||||||||||
Total fixed charges, including interest on deposits | $ | 468,174 | $ | 555,521 | $ | 953,928 | $ | 1,180,290 | $ | 996,168 | ||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
Excluding interest on deposits | 3.91 | x | 4.08 | x | 1.32 | x | 2.13 | x | 2.69 | x | ||||||||||
Including interest on deposits | 2.12 | x | 1.94 | x | 1.10 | x | 1.38 | x | 1.60 | x |