Exhibit 12(b)
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| | Nine Months | | | | | | | | | | | |
| | Ended | | Year Ended December 31, | |
(Dollars in thousands) | | September 30, 2009 | | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| | | | | | | | | | | | | |
Earnings (1): | | | | | | | | | | | | | |
Income before income tax expense | | $ | 103,903 | | $ | 205,660 | | $ | 372,518 | | $ | 357,108 | | $ | 380,410 | | $ | 384,476 | |
Fixed charges | | 288,862 | | 387,324 | | 430,134 | | 360,708 | | 225,524 | | 140,545 | |
Preferred stock dividends (4) | | (28,357 | ) | (4,051 | ) | — | | — | | — | | — | |
Other adjustments (2) | | (37 | ) | (576 | ) | (862 | ) | (1,054 | ) | (1,072 | ) | (1,123 | ) |
Total earnings (a) | | $ | 364,371 | | $ | 588,357 | | $ | 801,790 | | $ | 716,762 | | $ | 604,862 | | $ | 523,898 | |
| | | | | | | | | | | | | |
Fixed charges (1): | | | | | | | | | | | | | |
Interest on deposits | | $ | 100,941 | | $ | 156,774 | | $ | 230,625 | | $ | 195,324 | | $ | 97,406 | | $ | 42,581 | |
Interest on borrowings | | 150,380 | | 213,948 | | 187,221 | | 153,284 | | 116,926 | | 88,337 | |
Interest portion of rental expense (3) | | 8,839 | | 11,850 | | 11,323 | | 10,959 | | 10,059 | | 8,468 | |
Preferred stock dividends (4) | | 28,357 | | 4,051 | | — | | — | | — | | — | |
Other adjustments (5) | | 345 | | 701 | | 965 | | 1,141 | | 1,133 | | 1,159 | |
Total fixed charges (b) | | $ | 288,862 | | $ | 387,324 | | $ | 430,134 | | $ | 360,708 | | $ | 225,524 | | $ | 140,545 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges and
preferred stock dividends (a/b) | | 1.26x | | 1.52x | | 1.86x | | 1.99x | | 2.68x | | 3.73x | |
| | | | | | | | | | | | | |
Earnings, excluding interest on deposits: | | | | | | | | | | | | | |
Total earnings | | $ | 364,371 | | $ | 588,357 | | $ | 801,790 | | $ | 716,762 | | $ | 604,862 | | $ | 523,898 | |
Less interest on deposits | | 100,941 | | 156,774 | | 230,625 | | 195,324 | | 97,406 | | 42,581 | |
Total earnings excluding interest on deposits (c) | | $ | 263,430 | | $ | 431,583 | | $ | 571,165 | | $ | 521,438 | | $ | 507,456 | | $ | 481,317 | |
| | | | | | | | | | | | | |
Fixed charges, excluding interest on deposits: | | | | | | | | | | | | | |
Total fixed charges | | $ | 288,862 | | $ | 387,324 | | $ | 430,134 | | $ | 360,708 | | $ | 225,524 | | $ | 140,545 | |
Less interest on deposits | | 100,941 | | 156,774 | | 230,625 | | 195,324 | | 97,406 | | 42,581 | |
Total fixed charges, excluding interest on deposits (d) | | $ | 187,921 | | $ | 230,550 | | $ | 199,509 | | $ | 165,384 | | $ | 128,118 | | $ | 97,964 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock
dividends, excluding interest on deposits (c/d) (6) | | 1.40x | | 1.87x | | 2.86x | | 3.15x | | 3.96x | | 4.91x | |
(1) As defined in Item 503 (d) of Regulation S-K
(2) For purposes of the “earnings” computation, other adjustments include adding the amortization of capitalized interest and subtracting interest capitalized.
(3) The appropriate portion of rental expense (generally one-third) deemed representative of the interest factor.
(4) Preferred stock dividends represents the pretax earnings that would be required to cover such dividend requirements.
(5) For purposes of the “fixed charges” computation, other adjustments include capitalized interest costs.
(6) The ratio of earning to fixed charges, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.
