Exhibit 12
Exhibit 12: Computation of Ratio of Earnings to Combined Fixed Charges
Year Ended December 31, | |||||||||||||||||||
(in thousands) | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||
Including Interest on Deposits | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 3,652,731 | $ | 2,829,002 | $ | 2,360,064 | $ | 1,802,924 | 1,451,039 | ||||||||||
Fixed charges | 3,108,333 | 2,058,099 | 1,797,811 | 1,588,981 | 1,475,827 | ||||||||||||||
Earnings, for computation purposes | 6,761,064 | 4,887,101 | 4,157,875 | 3,391,905 | 2,926,866 | ||||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense on deposits, senior and subordinated, and other borrowings | 3,094,599 | 2,046,639 | 1,791,442 | 1,582,565 | 1,461,654 | ||||||||||||||
Portion of rent expense representative of interest | 13,734 | 11,460 | 6,369 | 6,416 | 14,173 | ||||||||||||||
Total fixed charges, including interest on deposits, for computation purposes | $ | 3,108,333 | $ | 2,058,099 | $ | 1,797,811 | $ | 1,588,981 | 1,475,827 | ||||||||||
Ratio of earnings to fixed charges, including interest on deposits | 2.18 | 2.37 | 2.31 | 2.13 | 1.98 | ||||||||||||||
Excluding Interest on Deposits | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 3,652,731 | $ | 2,829,002 | $ | 2,360,064 | 1,802,924 | 1,451,039 | |||||||||||
Fixed charges | 1,293,536 | 884,962 | 788,266 | 697,331 | 663,938 | ||||||||||||||
Earnings, for computation purposes | 4,946,267 | 3,713,964 | 3,148,330 | 2,500,255 | 2,114,977 | ||||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense on deposits, senior and subordinated, and other borrowings | 3,094,599 | 2,046,639 | 1,791,442 | 1,582,565 | 1,461,654 | ||||||||||||||
Portion of rent expense representative of interest | 13,734 | 11,460 | 6,369 | 6,416 | 14,173 | ||||||||||||||
Interest expense on deposits | (1,814,797 | ) | (1,173,137 | ) | (1,009,545 | ) | (891,650 | ) | (811,889 | ) | |||||||||
Total fixed charges, excluding interest on deposits, for computation purposes | $ | 1,293,536 | $ | 884,962 | $ | 788,266 | $ | 697,331 | 663,938 | ||||||||||
Ratio of earnings to fixed charges, excluding interest on deposits | 3.82 | 4.20 | 3.99 | 3.59 | 3.19 | ||||||||||||||