Exhibit 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31 | Year Ended December 31 | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
(in millions of dollars, except ratios) | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income Before Income Tax | $ | 303.0 | $ | 542.0 | $ | 1,220.0 | $ | 1,265.6 | $ | 347.5 | $ | 1,322.8 | ||||||||||||
Fixed Charges | 44.5 | 184.1 | 175.1 | 169.8 | 165.5 | 163.1 | ||||||||||||||||||
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Adjusted Earnings | $ | 347.5 | $ | 726.1 | $ | 1,395.1 | $ | 1,435.4 | $ | 513.0 | $ | 1,485.9 | ||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest and Debt Expense, excluding Costs Related to Early Retirement of Debt | $ | 37.8 | $ | 154.3 | $ | 149.4 | $ | 145.4 | $ | 143.3 | $ | 143.3 | ||||||||||||
Interest Credited on Investment Products | 3.1 | 14.3 | 10.2 | 9.7 | 9.4 | 8.9 | ||||||||||||||||||
Portion of Rents Deemed Representative of Interest | 3.4 | 14.7 | 14.7 | 13.9 | 12.0 | 9.8 | ||||||||||||||||||
Other | 0.2 | 0.8 | 0.8 | 0.8 | 0.8 | 1.1 | ||||||||||||||||||
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Total Fixed Charges | $ | 44.5 | $ | 184.1 | $ | 175.1 | $ | 169.8 | $ | 165.5 | $ | 163.1 | ||||||||||||
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Ratio of Earnings to Fixed Charges (1) | 7.8 | 3.9 | 8.0 | 8.5 | 3.1 | 9.1 |
(1) | Effective January 1, 2015, we adopted an accounting standards update relating to investments in qualified affordable housing projects and applied the amendments retrospectively. Prior period results have been adjusted to reflect our retrospective adoption. |