Mr. Cooper (COOP) 10-Q 2003 Q1 Quarterly report

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EXHIBIT 99.2
WASHINGTON MUTUAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS

		Three Months Ended March 31,
		2003			2002
		(dollars in millions)
Earnings, including interest on deposits(1):
Income before income tax expense		$	1,589		$	1,508
Fixed charges			1,310			1,513
		$	2,899		$	3,021
Preferred dividend requirement		$	–		$	2
Ratio of income before income tax expense to net income			1.58			1.58
Preferred dividends(2)		$	–		$	3
Fixed charges(1):
	Interest expense	$	1,275		$	1,487
	Estimated interest component of net rental expense		35			26
			1,310			1,513
	Fixed charges and preferred dividends	$	1,310		$	1,516
Ratio of earnings to fixed charges and preferred dividends(3)			2.21			1.99
Earnings, excluding interest on deposits(1):
Income before income tax expense		$	1,589		$	1,508
Fixed charges			723			862
		$	2,312		$	2,370
Preferred dividends(2)		$	–		$	3
Fixed charges(1):
	Interest expense	$	1,275		$	1,487
	Less: interest on deposits		(587	)		(651	)
	Estimated interest component of net rental expense		35			26
			723			862
	Fixed charges and preferred dividends	$	723		$	865
Ratio of earnings to fixed charges and preferred dividends(3)			3.20			2.74

⁽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 99.2 WASHINGTON MUTUAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS