Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges
Three Months Ended March 31, | Years Ended December 31, | |||||||||||||||||||||||||||
(in thousands) | 2009(1) | 2008(1) | 2008(1) | 2007(1) | 2006(1) | 2005 | 2004 | |||||||||||||||||||||
Including Interest on Deposits | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (147,144 | ) | $ | 967,046 | $ | 581,619 | $ | 3,869,556 | $ | 3,672,341 | $ | 2,829,002 | $ | 2,360,064 | |||||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | 18,289 | 16,304 | 55,226 | 43,324 | 15,169 | 18,637 | 2,884 | |||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense on deposits, senior and subordinated, and other borrowings | 861,477 | 1,067,608 | 3,963,284 | 4,548,311 | 3,073,289 | 2,046,639 | 1,791,442 | |||||||||||||||||||||
Portion of rent expense representative of interest | 3,029 | 7,784 | 21,894 | 35,367 | 13,734 | 11,460 | 6,369 | |||||||||||||||||||||
Total fixed charges | 864,506 | 1,075,392 | 3,985,178 | 4,583,678 | 3,087,023 | 2,058,099 | 1,797,811 | |||||||||||||||||||||
Preferred dividend requirements | 64,684 | — | 16,092 | — | — | — | — | |||||||||||||||||||||
Fixed charges and preferred dividends | 929,190 | 1,075,392 | 4,001,270 | 4,583,678 | 3,087,023 | 2,058,099 | 1,797,811 | |||||||||||||||||||||
Earnings | $ | 735,651 | $ | 2,058,742 | $ | 4,622,023 | $ | 8,496,558 | $ | 6,774,533 | $ | 4,905,738 | $ | 4,160,759 | ||||||||||||||
Ratio of earnings to fixed charges | 0.85 | (2) | 1.91 | 1.16 | 1.85 | 2.19 | 2.38 | 2.31 | ||||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 0.79 | (2) | 1.91 | 1.16 | 1.85 | 2.19 | 2.38 | 2.31 | ||||||||||||||||||||
Excluding Interest on Deposits | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (147,144 | ) | $ | 967,046 | $ | 581,619 | $ | 3,869,556 | $ | 3,672,341 | $ | 2,829,002 | $ | 2,360,064 | |||||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | 18,289 | 16,304 | 55,226 | 43,324 | 15,169 | 18,637 | 2,884 | |||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense on deposits, senior and subordinated, and other borrowings | 861,477 | 1,067,608 | 3,963,284 | 4,548,311 | 3,073,289 | 2,046,639 | 1,791,442 | |||||||||||||||||||||
Portion of rent expense representative of interest | 3,029 | 7,784 | 21,894 | 35,367 | 13,734 | 11,460 | 6,369 | |||||||||||||||||||||
Interest expense on deposits | (631,848 | ) | (610,389 | ) | (2,512,040 | ) | (2,906,351 | ) | (1,814,797 | ) | (1,173,137 | ) | (1,009,545 | ) | ||||||||||||||
Total fixed charges | 232,658 | 465,003 | 1,473,138 | 1,677,327 | 1,272,226 | 884,962 | 788,266 | |||||||||||||||||||||
Preferred dividend requirements | 64,684 | — | 16,092 | — | — | — | — | |||||||||||||||||||||
Fixed charges and preferred dividends | 297,342 | 465,003 | 1,489,230 | 1,677,327 | 1,272,226 | 884,962 | 788,266 | |||||||||||||||||||||
Earnings | $ | 103,803 | $ | 1,448,353 | $ | 2,109,983 | $ | 5,590,207 | $ | 4,959,736 | $ | 3,732,601 | $ | 3,151,214 | ||||||||||||||
Ratio of earnings to fixed charges | 0.45 | (2) | 3.11 | 1.43 | 3.33 | 3.90 | 4.22 | 4.00 | ||||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 0.35 | (2) | 3.11 | 1.42 | 3.33 | 3.90 | 4.22 | 4.00 | ||||||||||||||||||||
(1) | Based on continuing operations. |
(2) | Earnings are inadequate to cover fixed charges. The coverage deficiency is $128.9 million and $193.5 million for the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred dividends, respectively, regardless of interest. |