EXHIBIT 12
Ratios of Earnings to Fixed Charges
|
|
|
| Three Months |
| Years Ended December 31, |
| ||||||||||||||||
(Dollars in millions) |
|
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| ||||||||
EXCLUDING INTEREST ON DEPOSITS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Pre-tax income from continuing operations, as reported |
|
|
|
| $ | 427 |
|
| $ | 1,432 |
| $ | 1,192 |
| $ | 1,112 |
| $ | 1,555 |
| $ | 930 |
|
Share of pre-tax income (loss) of unconsolidated subsidiaries |
|
|
|
| 2 |
|
| 16 |
| 39 |
| 11 |
| (1 | ) | 14 |
| ||||||
Fixed charges |
|
|
|
| 319 |
|
| 948 |
| 481 |
| 424 |
| 552 |
| 1,025 |
| ||||||
Earnings |
| (A) |
|
| $ | 748 |
|
| $ | 2,396 |
| $ | 1,712 |
| $ | 1,547 |
| $ | 2,106 |
| $ | 1,969 |
|
Interest on other short-term borrowings |
|
|
|
| $ | 263 |
|
| $ | 753 |
| $ | 315 |
| $ | 279 |
| $ | 426 |
| $ | 881 |
|
Interest on long-term debt, including amortization of debt issuance costs |
|
|
|
| 32 |
|
| 100 |
| 68 |
| 69 |
| 71 |
| 93 |
| ||||||
Portion of rents representative of the interest factor on long-term leases (1) |
|
|
|
| 24 |
|
| 95 |
| 98 |
| 76 |
| 55 |
| 51 |
| ||||||
Fixed charges |
| (B) |
|
| $ | 319 |
|
| $ | 948 |
| $ | 481 |
| $ | 424 |
| $ | 552 |
| $ | 1,025 |
|
Consolidated ratios of earnings to fixed charges, excluding interest on deposits |
| (A)/(B) |
|
| 2.34 | x |
| 2.53 | x | 3.56 | x | 3.65 | x | 3.82 | x | 1.92 | x | ||||||
INCLUDING INTEREST ON DEPOSITS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Pre-tax income from continuing operations, as reported |
|
|
|
| $ | 427 |
|
| $ | 1,432 |
| $ | 1,192 |
| $ | 1,112 |
| $ | 1,555 |
| $ | 930 |
|
Share of pre-tax income (loss) of unconsolidated subsidiaries |
|
|
|
| 2 |
|
| 16 |
| 39 |
| 11 |
| (1 | ) | 14 |
| ||||||
Fixed charges |
|
|
|
| 709 |
|
| 2,080 |
| 993 |
| 796 |
| 1,050 |
| 1,881 |
| ||||||
Earnings |
| (C) |
|
| $ | 1,138 |
|
| $ | 3,528 |
| $ | 2,224 |
| $ | 1,919 |
| $ | 2,604 |
| $ | 2,825 |
|
Interest on other short-term borrowings and deposits |
|
|
|
| $ | 653 |
|
| $ | 1,885 |
| $ | 827 |
| $ | 651 |
| $ | 924 |
| $ | 1,737 |
|
Interest on long-term debt, including amortization of debt issuance costs |
|
|
|
| 32 |
|
| 100 |
| 68 |
| 69 |
| 71 |
| 93 |
| ||||||
Portion of rents representative of the interest factor on long-term leases (1) |
|
|
|
| 24 |
|
| 95 |
| 98 |
| 76 |
| 55 |
| 51 |
| ||||||
Fixed charges |
| (D) |
|
| $ | 709 |
|
| $ | 2,080 |
| $ | 993 |
| $ | 796 |
| $ | 1,050 |
| $ | 1,881 |
|
Consolidated ratios of earnings to fixed charges, including interest on deposits |
| (C)/(D) |
|
| 1.61 | x |
| 1.70 | x | 2.24 | x | 2.41 | x | 2.48 | x | 1.50 | x |
(1) The interest factor on long-term operating leases was estimated using one-third of rental expense. The interest factor on long-term capital leases was equal to the amount recorded as interest expense in the consolidated statement of income.