EXHIBIT 12
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
(in thousands) 2004 2003 2004 2003
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Income before taxes on income and cumulative
effect of an accounting change $243,991 $185,054 $732,107 $486,007
Add fixed charges:
Interest expense - excluding interest on
deposits 8,456 7,669 24,185 15,256
Interest expense - deposits 942 1,463 3,124 4,843
Interest factor on rent /1 3,357 3,290 9,775 9,847
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Total fixed charges 12,755 12,422 37,084 29,946
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Earnings before fixed charges and taxes on
income $256,746 $197,476 $769,191 $515,953
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Ratio of earnings to fixed charges - including
interest on deposits 20.1 15.9 20.7 17.2
Ratio of earnings to fixed charges - excluding
interest on deposits 21.7 17.9 22.6 20.4
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/1 Interest factor on rent represents one-third of rental expense (the approximate portion of rental
expense representing interest).