Capital One Financial (COF) 10-Q2012 Q1 Quarterly report

Filed: 8 May 12, 12:00am

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Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


	Three Months Ended March 31, 2012⁽¹⁾		Year Ended December 31,
(Dollars in millions)	Three Months Ended March 31, 2012⁽¹⁾		2011		2010		2009⁽²⁾		2008		2007
Ratio (including interest expense on deposits):
Earnings:
Income from continuing operations before income taxes	$	1,858	$	4,587	$	4,330	$	1,336	$	582	$	3,870
Fixed charges		566		2,251		2,903		2,975		3,985		4,583
Equity in undistributed loss of unconsolidated subsidiaries		28		112		49		60		55		43

Earnings available for fixed charges, as adjusted	$	2,452	$	6,950	$	7,282	$	4,371	$	4,622	$	8,496

Fixed charges:
Interest expense on deposits and debt	$	565	$	2,246	$	2,896	$	2,967	$	3,963	$	4,548
Interest factor in rent expense		1		5		7		8		22		35

Total fixed charges	$	566	$	2,251	$	2,903	$	2,975	$	3,985	$	4,583

Ratio of earnings to fixed charges, including interest on deposits		4.33		3.09		2.51		1.47		1.16		1.85
Ratio (excluding interest expense on deposits):
Earnings:
Income from continuing operations before income taxes	$	1,858	$	4,587	$	4,330	$	1,336	$	582	$	3,870
Fixed charges		255		1,064		1,438		882		1,473		1,677
Equity in undistributed loss of unconsolidated subsidiaries		28		112		49		60		55		43

Earnings available for fixed charges, as adjusted	$	2,141	$	5,763	$	5,817	$	2,278	$	2,110	$	5,590

Fixed charges:
Interest expense on debt⁽³⁾	$	254	$	1,059	$	1,431	$	874	$	1,451	$	1,642
Interest factor in rent expense		1		5		7		8		22		35

Total fixed charges	$	255	$	1,064	$	1,438	$	882	$	1,473	$	1,677

Ratio of earnings to fixed charges, excluding interest on deposits		8.41		5.42		4.05		2.58		1.43		3.33

⁽¹⁾	On February 17, 2012, we acquired ING Direct. 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⁾	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.

⁽³⁾

Represents total interest expense reported in our consolidated statements of income, excluding interest on deposits of $311 million for the first quarter of 2012, and $1.2 billion, $1.5 billion, $2.1 billion, $2.5 billion and $2.9 billion for the years ended December 31, 2011, 2010, 2009, 2008, and 2007, respectively.

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