Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year-ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense on deposits | $ | 260,880 | $ | 209,793 | $ | 211,520 | $ | 238,019 | $ | 248,711 | ||||||||||
Interest expense on borrowings(1) | 943,445 | 844,930 | 570,600 | 635,739 | 1,139,488 | |||||||||||||||
Accretion of debt premium and issuance expense to the P&L during the period | ||||||||||||||||||||
Portion of rent expense representative of interest | 50,953 | 45,225 | 42,122 | 41,774 | 44,099 | |||||||||||||||
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Total Fixed Charges including deposit interest | $ | 1,255,278 | $ | 1,099,948 | $ | 824,242 | $ | 915,532 | $ | 1,432,298 | ||||||||||
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Total Fixed Charges excluding deposit interest | $ | 994,398 | $ | 890,155 | $ | 612,722 | $ | 677,513 | $ | 1,183,587 | ||||||||||
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EARNINGS: | ||||||||||||||||||||
Pretax income (loss) from continuing operations before adjustment for income or loss from equity investees | $ | (3,737,787 | ) | $ | 4,463,347 | $ | 361,552 | $ | 26,218 | $ | 2,166,525 | |||||||||
ADD:Distributed income of equity investees(2) | 11,881 | 7,990 | 182,113 | 477,502 | — | |||||||||||||||
ADD: Total fixed charges including deposit interest | 1,255,278 | 1,099,948 | 824,242 | 915,532 | 1,432,298 | |||||||||||||||
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Total earnings (loss) including deposit interest in fixed charges | $ | (2,470,628 | ) | $ | 5,571,285 | $ | 1,367,907 | $ | 1,419,252 | $ | 3,598,823 | |||||||||
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Less: Interest Expense on deposits | (260,880 | ) | (209,793 | ) | (211,520 | ) | (238,019 | ) | (248,711 | ) | ||||||||||
Total earnings (loss) excluding deposit interest in fixed charges | $ | (2,731,508 | ) | $ | 5,361,492 | $ | 1,156,387 | $ | 1,181,233 | $ | 3,350,112 | |||||||||
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RATIOS OR DEFICIENCY: | ||||||||||||||||||||
Earnings/fixed charges Excluding interest on deposits | (2.75 | ) | 6.02 | 1.89 | 1.74 | 2.83 | ||||||||||||||
Including interest on deposits | (1.97 | ) | 5.07 | 1.66 | 1.55 | 2.51 | ||||||||||||||
Deficiency in earnings to fixed charges including deposits | $ | 3,725,906 | N/A | N/A | N/A | N/A | ||||||||||||||
Deficiency in earnings to fixed charges excluding deposits | $ | 3,725,906 | N/A | N/A | N/A | N/A | ||||||||||||||
| (1) | Consists of interest expense on all indebtedness (including amortization of deferred financing costs) |
| (2) | Income was not distributed from Santander Consumer U.S.A. Holdings Inc. to the Company until the second quarter of 2012 |
