Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges
| Nine Months Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||||||
(in thousands) | 2009(1) | 2008(1) | 2008(1) | 2007(1) | 2006(1) | 2005 | 2004 | |||||||||||||||||||||
Including Interest on Deposits | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 612,506 | $ | 1,480,842 | $ | 581,619 | $ | 3,869,556 | $ | 3,672,341 | $ | 2,829,002 | $ | 2,360,064 | ||||||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | 44,442 | 36,097 | 55,226 | 43,324 | 15,169 | 18,637 | 2,884 | |||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense on deposits, senior and subordinated, and other borrowings | 2,326,596 | 2,996,860 | 3,963,284 | 4,548,311 | 3,073,289 | 2,046,639 | 1,791,442 | |||||||||||||||||||||
Portion of rent expense representative of interest | 14,515 | 19,963 | 21,894 | 35,367 | 13,734 | 11,460 | 6,369 | |||||||||||||||||||||
Total fixed charges | 2,341,111 | 3,016,823 | 3,985,178 | 4,583,678 | 3,087,023 | 2,058,099 | 1,797,811 | |||||||||||||||||||||
Preferred dividend requirements | 181,820 | — | 16,092 | — | — | — | — | |||||||||||||||||||||
Fixed charges and preferred dividends | 2,522,931 | 3,016,823 | 4,001,270 | 4,583,678 | 3,087,023 | 2,058,099 | 1,797,811 | |||||||||||||||||||||
Earnings | $ | 2,998,059 | $ | 4,533,762 | $ | 4,622,023 | $ | 8,496,558 | $ | 6,774,533 | $ | 4,905,738 | $ | 4,160,759 | ||||||||||||||
Ratio of earnings to fixed charges | 1.28 | 1.50 | 1.16 | 1.85 | 2.19 | 2.38 | 2.31 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 1.19 | 1.50 | 1.16 | 1.85 | 2.19 | 2.38 | 2.31 | |||||||||||||||||||||
Excluding Interest on Deposits | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 612,506 | $ | 1,480,842 | $ | 581,619 | $ | 3,869,556 | $ | 3,672,341 | $ | 2,829,002 | $ | 2,360,064 | ||||||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | 44,442 | 36,097 | 55,226 | 43,324 | 15,169 | 18,637 | 2,884 | |||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense on deposits, senior and subordinated, and other borrowings | 2,326,596 | 2,996,860 | 3,963,284 | 4,548,311 | 3,073,289 | 2,046,639 | 1,791,442 | |||||||||||||||||||||
Portion of rent expense representative of interest | 14,515 | 19,963 | 21,894 | 35,367 | 13,734 | 11,460 | 6,369 | |||||||||||||||||||||
Interest expense on deposits | (1,666,605 | ) | (1,827,284 | ) | (2,512,040 | ) | (2,906,351 | ) | (1,814,797 | ) | (1,173,137 | ) | (1,009,545 | ) | ||||||||||||||
Total fixed charges | 674,506 | 1,189,539 | 1,473,138 | 1,677,327 | 1,272,226 | 884,962 | 788,266 | |||||||||||||||||||||
Preferred dividend requirements | 181,820 | — | 16,092 | — | — | — | — | |||||||||||||||||||||
Fixed charges and preferred dividends | 856,326 | 1,189,539 | 1,489,230 | 1,677,327 | 1,272,226 | 884,962 | 788,266 | |||||||||||||||||||||
Earnings | $ | 1,331,454 | $ | 2,706,478 | $ | 2,109,983 | $ | 5,590,207 | $ | 4,959,736 | $ | 3,732,601 | $ | 3,151,214 | ||||||||||||||
Ratio of earnings to fixed charges | 1.97 | 2.28 | 1.43 | 3.33 | 3.90 | 4.22 | 4.00 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 1.55 | 2.28 | 1.42 | 3.33 | 3.90 | 4.22 | 4.00 | |||||||||||||||||||||
| (1) | Based on continuing operations. |
