Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Unaudited) | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
(in thousands of dollars) | 2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | (2,684,999 | ) | $ | 153,445 | $ | (296,008 | ) | $ | 22,643 | $ | 514,061 | $ | 543,574 | $ | 552,666 | ||||||||||||
Add: Fixed charges, excluding interest on deposits | 49,043 | 106,020 | 351,672 | 431,320 | 345,253 | 243,239 | 191,648 | |||||||||||||||||||||
Earnings available for fixed charges, excluding interest on deposits | (2,635,956 | ) | 259,465 | 55,664 | 453,963 | 859,314 | 786,813 | 744,314 | ||||||||||||||||||||
Add: Interest on deposits | 187,569 | 274,883 | 931,679 | 1,026,388 | 717,167 | 446,919 | 257,099 | |||||||||||||||||||||
Earnings available for fixed charges, including interest on deposits | $ | (2,448,387 | ) | $ | 534,348 | $ | 987,343 | $ | 1,480,351 | $ | 1,576,481 | $ | 1,233,732 | $ | 1,001,413 | |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, excluding interest on deposits | $ | 44,883 | $ | 101,704 | $ | 334,952 | $ | 415,063 | $ | 334,175 | $ | 232,435 | $ | 178,842 | ||||||||||||||
Interest factor in net rental expense | 4,160 | 4,316 | 16,720 | 16,257 | 11,078 | 10,804 | 12,806 | |||||||||||||||||||||
Total fixed charges, excluding interest on deposits | 49,043 | 106,020 | 351,672 | 431,320 | 345,253 | 243,239 | 191,648 | |||||||||||||||||||||
Add: Interest on deposits | 187,569 | 274,883 | 931,679 | 1,026,388 | 717,167 | 446,919 | 257,099 | |||||||||||||||||||||
Total fixed charges, including interest on deposits | $ | 236,612 | $ | 380,903 | $ | 1,283,351 | $ | 1,457,708 | $ | 1,062,420 | $ | 690,158 | $ | 448,747 | ||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Excluding interest on deposits | (53.75 | )x | 2.45 | x | 0.16 | x | 1.05 | x | 2.49 | x | 3.23 | x | 3.88 | x | ||||||||||||||
Including interest on deposits | (10.35 | )x | 1.40 | x | 0.77 | x | 1.02 | x | 1.48 | x | 1.79 | x | 2.23 | x |