Exhibit 12.1
Note: | The ratio of earnings to fixed charges is calculated by adding income before taxes plus fixed charges and dividing that sum by fixed charges. |
Year Ended September 30, | |||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
Ratio of earnings to fixed charges | |||||||||||||||
Including interest on customer accounts | 1.24 | 1.58 | 1.79 | 2.13 | 2.19 | ||||||||||
Excluding interest on customer accounts | 3.53 | 4.87 | 5.15 | 5.15 | 4.38 | ||||||||||
Income before income taxes | $ | 95,839 | $ | 209,312 | $ | 218,660 | $ | 222,308 | $ | 203,712 | |||||
Fixed charges: | |||||||||||||||
Interest expense from customer accounts | $ | 259,769 | $ | 243,837 | $ | 179,605 | $ | 115,826 | $ | 86,009 | |||||
Interest expense from FHLB advances and other borrowings | 137,872 | 114,664 | 93,756 | 79,434 | 83,654 | ||||||||||
Net rental expense | 2,613 | 2,487 | 2,219 | 2,033 | 1,949 | ||||||||||
Total fixed charges, including interest expense on customer accounts | $ | 400,254 | $ | 360,988 | 275,580 | 197,293 | 171,612 | ||||||||
Total fixed charges, excluding interest expense on customer accounts | $ | 140,485 | $ | 117,151 | $ | 95,975 | $ | 81,467 | $ | 85,603 | |||||