Mr. Cooper (COOP) 10-Q 2002 Q2 Quarterly report

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EXHIBIT 99(b)
WASHINGTON MUTUAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS

		Three Months Ended June 30,				Six Months Ended June 30,
		2002		2001		2002		2001
		(in millions)
Earnings, including interest on deposits(1):
Income before income tax expense		$	1,552	$	1,267	$	3,052	$	2,281
Fixed charges			1,516		2,283		3,029		4,858
		$	3,068	$	3,550	$	6,081	$	7,139
Preferred dividend requirement		$	2	$	2	$	4	$	3
Ratio of income before income tax expense to net income			1.58		1.59		1.58		1.59
Preferred dividends(2)		$	3	$	3	$	6	$	5
Fixed charges(1):
	Interest expense	$	1,485	$	2,263	$	2,972	$	4,817
	Estimated interest component of net rental expense		31		20		57		41
			1,516		2,283		3,029		4,858
	Fixed charges and preferred dividends	$	1,519	$	2,286	$	3,035	$	4,863
Ratio of earnings to fixed charges and preferred dividends(3)			2.02		1.55		2.00		1.47
Earnings, excluding interest on deposits:
Income before income tax expense		$	1,552	$	1,267	$	3,052	$	2,281
Fixed charges			852		1,460		1,717		3,148
		$	2,404	$	2,727	$	4,769	$	5,429
Preferred dividends(2)		$	3	$	3	$	6	$	5
Fixed charges:
	Interest expense	$	1,485	$	2,263	$	2,972	$	4,817
	Less: interest on deposits		664		823		1,312		1,710
	Estimated interest component of net rental expense		31		20		57		41
			852		1,460		1,717		3,148
	Fixed charges and preferred dividends	$	855	$	1,463	$	1,723	$	3,153
Ratio of earnings to fixed charges and preferred dividends(3)			2.81		1.86		2.77		1.72

⁽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.

47

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EXHIBIT 99(b) WASHINGTON MUTUAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS