Exhibit 12
Exhibit 12: Computation of Ratio of Earnings to Combined Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
(in thousands) | 2008(1) | 2007(1) | 2006(1) | 2005 | 2004 | |||||||||||||||
Including Interest on Deposits | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 581,619 | $ | 3,869,556 | $ | 3,672,341 | $ | 2,829,002 | $ | 2,360,064 | ||||||||||
Fixed charges | 3,985,178 | 4,583,678 | 3,087,023 | 2,058,099 | 1,797,811 | |||||||||||||||
Earnings, for computation purposes | 4,566,797 | 8,453,234 | 6,759,364 | 4,887,101 | 4,157,875 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense on deposits, senior and subordinated, and other borrowings | 3,963,284 | 4,548,311 | 3,073,289 | 2,046,639 | 1,791,442 | |||||||||||||||
Portion of rent expense representative of interest | 21,894 | 35,367 | 13,734 | 11,460 | 6,369 | |||||||||||||||
Total fixed charges, including interest on deposits, for computation purposes | $ | 3,985,178 | $ | 4,583,678 | $ | 3,087,023 | $ | 2,058,099 | $ | 1,797,811 | ||||||||||
Ratio of earnings to fixed charges, including interest on deposits | 1.15 | 1.84 | 2.19 | 2.37 | 2.31 | |||||||||||||||
Excluding Interest on Deposits | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 581,619 | $ | 3,869,556 | $ | 3,672,341 | $ | 2,829,002 | $ | 2,360,064 | ||||||||||
Fixed charges | 1,473,138 | 1,677,327 | 1,272,226 | 884,962 | 788,266 | |||||||||||||||
Earnings, for computation purposes | 2,054,757 | 5,546,883 | 4,944,567 | 3,713,964 | 3,148,330 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense on deposits, senior and subordinated, and other borrowings | 3,963,284 | 4,548,311 | 3,073,289 | 2,046,639 | 1,791,442 | |||||||||||||||
Portion of rent expense representative of interest | 21,894 | 35,367 | 13,734 | 11,460 | 6,369 | |||||||||||||||
Interest expense on deposits | (2,512,040 | ) | (2,906,351 | ) | (1,814,797 | ) | (1,173,137 | ) | (1,009,545 | ) | ||||||||||
Total fixed charges, excluding interest on deposits, for computation purposes | $ | 1,473,138 | $ | 1,677,327 | $ | 1,272,226 | $ | 884,962 | $ | 788,266 | ||||||||||
Ratio of earnings to fixed charges, excluding interest on deposits | 1.39 | 3.31 | 3.89 | 4.20 | 3.99 | |||||||||||||||
(1) | Based on continuing operations. |