Mr. Cooper (COOP) 10-Q 2001 Q3 Quarterly report

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EXHIBIT 99 (b)

WASHINGTON MUTUAL INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

		Three Months Ended September 30,				Nine Months Ended September 30,
		2001		2000		2001		2000
		(in millions)
Earnings, Including Interest on Deposits(1):
	Income before income tax expense	$	1,200	$	712	$	3,481	$	2,208
	Fixed charges		1,895		2,465		6,753		6,981
		$	3,095	$	3,177	$	10,234	$	9,189
Preferred dividends(2)		$	3	$	—	$	8	$	—
Fixed charges(1):
	Interest expense	$	1,874	$	2,451	$	6,691	$	6,940
	Estimated interest component of net rental expense		21		14		62		41
			1,895		2,465		6,753		6,981
Fixed charges and preferred dividends		$	1,898	$	2,465	$	6,761	$	6,981
Ratio of earnings, including interest on deposits, to fixed charges and preferred dividends(3)			1.63		1.29		1.51		1.32
Earnings, Excluding Interest on Deposits(1):
	Income before income tax expense	$	1,200	$	712	$	3,481	$	2,208
	Fixed charges		1,160		1,621		4,308		4,546
		$	2,360	$	2,333	$	7,789	$	6,754
Preferred dividends(2)		$	3	$	—	$	8	$	—
Fixed charges(1):
	Interest expense	$	1,874	$	2,451	$	6,691	$	6,940
	Less interest on deposits		735		844		2,445		2,435
	Estimated interest component of net rental expense		21		14		62		41
			1,160		1,621		4,308		4,546
Fixed charges and preferred dividends		$	1,163	$	1,621	$	4,316	$	4,546
Ratio of earnings, excluding interest on deposits, to fixed charges and preferred dividends(3)			2.03		1.44		1.80		1.49

(1)

As defined in Item 503 (d) of Regulation S-K.

(2)

The preferred dividends were increased to amounts representing the pretax earnings that would be required to cover such dividend requirements.

(3)

These computations are included herein in compliance with Securities and Exchange Commission regulations. However, management believes that fixed charge ratios are not meaningful measures for the business of the Company because of two factors. First, even if there were no change in net income, the ratios would decline with an increase in the proportion of income which is tax-exempt or, conversely, they would increase with a decrease in the proportion of income which is tax-exempt. Second, even if there were no change in net income, the ratios would decline if interest income and interest expense increase by the same amount due to an increase in the level of interest rates or, conversely, they would increase if interest income and interest expense decrease by the same amount due to a decrease in the level of interest rates.

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EXHIBIT 99 (b)

WASHINGTON MUTUAL INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS