Capital One Financial (COF) 10-Q 2011 Q3 Quarterly report

Exhibit 12.2

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

	Nine Months Ended September 30, 2011		Year Ended December 31,
(Dollars in millions)			2010		2009(1)		2008		2007		2006
Ratio (including interest expense on deposits):
Earnings:
Income from continuing operations before income taxes	$	4,016	$	4,330	$	1,336	$	582	$	3,870	$	3,672
Fixed charges		1,731		2,903		2,975		3,985		4,583		3,087
Equity in undistributed loss of unconsolidated subsidiaries		49		49		60		55		43		15
Earnings available for fixed charges, as adjusted	$	5,796	$	7,282	$	4,371	$	4,622	$	8,496	$	6,774
Fixed charges:
Interest expense on deposits and debt	$	1,727	$	2,896	$	2,967	$	3,963	$	4,548	$	3,073
Interest factor in rent expense		4		7		8		22		35		14
Total fixed charges		1,731		2,903		2,975		3,985		4,583		3,087
Preferred stock dividends, pre-tax		—		—		188		16		—		—
Total fixed charges and preferred stock dividends	$	1,731	$	2,903	$	3,163	$	4,001	$	4,583	$	3,087
Ratio of earnings to fixed charges, including interest on deposits		3.35		2.51		1.38		1.16		1.85		2.19
Ratio (excluding interest expense on deposits):
Earnings:
Income from continuing operations before income taxes	$	4,016	$	4,330	$	1,336	$	582	$	3,870	$	3,672
Fixed charges		808		1,438		882		1,473		1,677		1,272
Equity in undistributed loss of unconsolidated subsidiaries		49		49		60		55		43		15
Earnings available for fixed charges, as adjusted	$	4,873	$	5,817	$	2,278	$	2,110	$	5,590	$	4,959
Fixed charges:
Interest expense on debt(2)	$	804	$	1,431	$	874	$	1,451	$	1,642	$	1,258
Interest factor in rent expense		4		7		8		22		35		14
Total fixed charges	$	808	$	1,438	$	882	$	1,473	$	1,677	$	1,272
Preferred stock dividends, pre-tax		—		—		188		16		—		—
Total fixed charges and preferred stock dividends	$	808	$	1,438	$	1,070	$	1,489	$	1,677	$	1,272
Ratio of earnings to fixed charges, excluding interest on deposits		6.03		4.05		2.13		1.42		3.33		3.90

⁽¹⁾ On February 27, 2009, we acquired Chevy Chase Bank, FSB. The transaction was accounted for as a purchase, and the related results of operations are included in our consolidated results from the date of the transaction.

⁽²⁾ Represents total interest expense reported in our consolidated statements of income, excluding interest on deposits of $923 million for the nine months ended September 30, 2011, and $1.5 billion, $2.1 billion, $2.5 billion, $2.9 billion and $1.8 billion for the years ended December 31, 2010, 2009, 2008, 2007 and 2006, respectively.