Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Twelve Months Ended December 31, | ||||||||||||||||||||
(dollar amounts in thousands of dollars) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income taxes | $ | 707,234 | $ | 352,311 | $ | (3,678,183 | ) | $ | (296,008 | ) | $ | 22,643 | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Add: Fixed charges, excluding interest on deposits | 97,035 | 102,969 | 155,269 | 351,672 | 431,320 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Earnings available for fixed charges, excluding interest on deposits | 804,269 | 455,280 | (3,522,914 | ) | 55,664 | 453,963 | ||||||||||||||
Add: Interest on deposits | 260,051 | 439,049 | 674,101 | 931,679 | 1,026,388 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Earnings available for fixed charges, including interest on deposits | 1,064,320 | 894,329 | (2,848,813 | ) | 987,343 | 1,480,351 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, excluding interest on deposits | 81,004 | 87,537 | 139,754 | 334,952 | 415,063 | |||||||||||||||
Interest factor in net rental expense | 16,031 | 15,432 | 15,515 | 16,720 | 16,257 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges, excluding interest on deposits | 97,035 | 102,969 | 155,269 | 351,672 | 431,320 | |||||||||||||||
Add: Interest on deposits | 260,051 | 439,049 | 674,101 | 931,679 | 1,026,388 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges, including interest on deposits | $ | 357,086 | $ | 542,018 | $ | 829,370 | $ | 1,283,351 | $ | 1,457,708 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
Excluding interest on deposits | 8.29 | x | 4.42 | x | (22.69 | )x | 0.16 | x | 1.05 | x | ||||||||||
Including interest on deposits | 2.98 | x | 1.65 | x | (3.43 | )x | 0.77 | x | 1.02 | x | ||||||||||