Citizens Financial (CFG) 10-K 2017 Q4 Annual report

EXHIBIT 12.1

CITIZENS FINANCIAL GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
(dollars in millions)	2016			2015			2014			2013(2)			2012
Computation of Earnings:
Income (loss) from continuing operations before income tax expense		$1,534			$1,263			$1,268			($3,468	)		$1,024
Fixed charges	559			503			417			499			669
Total Adjusted Earnings		$2,093			$1,766			$1,685			($2,969	)		$1,693
Computation of Fixed Charges:
Interest expense		$508			$452			$363			$443			$619
Portion of net rental expense deemed representative of interest(1)	51			51			54			56			50
Total Fixed charges		$559			$503			$417			$499			$669
Ratio of Earnings to Fixed Charges	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).