Citizens Financial (CFG) 10-Q 2017 Q3 Quarterly report

EXHIBIT 12.2

CITIZENS FINANCIAL GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

	Three Months		Nine Months		Year Ended December 31,
(dollars in millions)	Ended September 30, 2017				2016		2015		2014		2013(2)			2012
Computation of Earnings:
Income (loss) from continuing operations before income tax expense		$513		$1,409		$1,534		$1,263		$1,268		($3,468	)		$1,024
Fixed charges	222		589		573		510		417		499			669
Total Adjusted Earnings		$735		$1,998		$2,107		$1,773		$1,685		($2,969	)		$1,693
Computation of Fixed Charges:
Interest expense		$202		$536		$508		$452		$363		$443			$619
Portion of net rental expense deemed representative of interest (1)	13		39		51		51		54		56			50
Preferred distribution	7		14		14		7		—		—			—
Total Fixed Charges		$222		$589		$573		$510		$417		$499			$669
Ratio of Earnings to Fixed Charges and Preferred Dividends	3.3		3.4		3.7		3.5		4.0		(5.9		)	2.5

⁽¹⁾ The portion of rents shown as representative of the interest factor is one-quarter of total net operating lease expenses.

⁽²⁾ The deficiency for this period was $3,468 million due in part to a goodwill impairment charge of $4,435 million ($4,080 million after tax).