EXHIBIT 12
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COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED
DECEMBER 31,
(in thousands) 2004 2003
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Income before taxes on income and cumulative effect of an accounting change $335,649 $235,940
Add fixed charges:
Interest expense - excluding interest on deposits 8,388 7,676
Interest expense - deposits 1,408 1,142
Interest factor on rent /1 3,720 3,371
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Total fixed charges 13,516 12,189
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Earnings before fixed charges and taxes on income $349,165 $248,129
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Ratio of earnings to fixed charges - including interest on deposits 25.8 20.4
Ratio of earnings to fixed charges - excluding interest on deposits 28.7 22.4
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1 Interest factor on rent represents one-third of rental expense (the approximate portion
of rental expense representing interest).