EXHIBIT 12
| STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | |||||||||||||||||||||||||||
| (in thousands, except ratio of earnings to fixed charges and preferred stock dividends) | |||||||||||||||||||||||||||
| Six months ended March 31, | Year ended September 30, | ||||||||||||||||||||||||||
| 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
| Earnings: | |||||||||||||||||||||||||||
| Pre-tax income excluding noncontrolling interests | $ | 371,892 | $ | 366,456 | $ | 800,643 | $ | 798,174 | $ | 748,045 | $ | 564,187 | $ | 471,525 | |||||||||||||
| Fixed charges | 99,959 | 71,411 | 148,329 | 135,874 | 131,466 | 136,749 | 110,960 | ||||||||||||||||||||
| Less: preferred stock dividends | — | — | — | — | — | — | — | ||||||||||||||||||||
| Earnings | $ | 471,851 | $ | 437,867 | $ | 948,972 | $ | 934,048 | $ | 879,511 | $ | 700,936 | $ | 582,485 | |||||||||||||
| Fixed charges: | |||||||||||||||||||||||||||
Interest expense (1) | $ | 72,067 | $ | 55,202 | $ | 114,921 | $ | 104,862 | $ | 99,978 | $ | 105,200 | $ | 85,357 | |||||||||||||
| Estimated interest portion within rental expense | 19,034 | 15,603 | 32,273 | 29,799 | 30,275 | 30,337 | 24,623 | ||||||||||||||||||||
| Amortization of debt issuance cost | 8,858 | (2) | 606 | 1,135 | 1,213 | 1,213 | 1,212 | 980 | |||||||||||||||||||
| Preferred stock dividends | — | — | — | — | — | — | — | ||||||||||||||||||||
| Total fixed charges | $ | 99,959 | $ | 71,411 | $ | 148,329 | $ | 135,874 | $ | 131,466 | $ | 136,749 | $ | 110,960 | |||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (3) | 4.72 | 6.13 | 6.40 | 6.87 | 6.69 | 5.13 | 5.25 | ||||||||||||||||||||
| (1) | As a result of our October 1, 2016 adoption of new consolidation guidance, we deconsolidated a number of tax credit fund VIEs that had been previously consolidated. See Notes 1, 2, and 9 of the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for additional information regarding this change. As a result of the deconsolidation, interest expense associated with previously consolidated VIEs is no longer included in our Consolidated Financial Statements. Accordingly, the interest expense associated with all prior periods has been revised to exclude the interest expense associated with previously consolidated VIEs, in order to present interest expense in all prior periods on a comparable basis to the current period. |
| (2) | Amortization of debt issuance costs for the six months ended March 31, 2017 include the acceleration of unamortized debt issuance costs associated with the March 2017 redemption of $350 million 6.90% senior notes payable. |
| (3) | All prior periods have been recomputed utilizing the revised total fixed charges amount. See (1) above for a discussion of the revision of interest expense reported in prior periods. |
We calculated our ratio of earnings to fixed charges and preferred stock dividends by adding pre-tax income excluding noncontrolling interests, plus fixed charges minus preferred stock dividends and dividing that sum by our fixed charges. Our fixed charges for this ratio consist of interest expense, the portion of our rental expense deemed to represent interest (calculated as one third of rental expense), amortization of debt issuance costs and preferred stock dividends.
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