EXHIBIT 12.1
GREAT WESTERN FINANCIAL CORPORATION
Computation of Ratios of Earnings to Fixed Charges
Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended
(Dollars in thousands) Decmeber 31, 1993 December 31, 1992 Decmeber 31, 1991 December 31, 1990 December 31, 1989
------------------- ------------------- ------------------- ------------------- -------------------
Earnings
- --------
Net earnings $ 62,047 $ 85,006 $ 298,130 $ 127,074 $ 100,095
Accounting changes - (31,094) - - -
Taxes on income 30,000 41,600 207,300 148,600 114,300
---------- ---------- ---------- ---------- ----------
Earnings before taxes and
accounting changes $ 92,047 $ 95,512 $ 505,430 $ 275,674 $ 214,395
========== ========== ========== ========== ==========
Interest expense
- ----------------
Customer accounts $ 939,081 $1,333,473 $1,968,205 $2,017,040 $1,791,351
Borrowings 370,761 344,823 493,757 888,094 920,336
---------- ---------- ---------- ---------- ----------
Total $1,309,842 $1,678,296 $2,461,962 $2,905,134 $2,711,687
========== ========== ========== ========== ==========
Rent expense
- ------------
Total $ 53,638 $ 57,823 $ 51,440 $ 49,561 $ 40,069
1/3 thereof 17,879 19,274 17,147 16,520 13,356
Capitalized interest $ 777 2,071 $ 6,859 $ - $ -
- --------------------
Preferred stock dividends $ 25,015 $ 15,543 $ 7,023 $ - $ -
- -------------------------
Ratio of earnings to fixed charges
and preferred stock dividends
- ----------------------------------
Excluding customer accounts
---------------------------
Earnings before fixed charges $ 480,687 $ 459,609 $1,016,334 $1,180,288 $1,148,087
Fixed charges 426,526 393,704 529,669 904,614 933,692
Ratio 1.13 1.17 1.92 1.30 1.23
Including customer accounts
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Earnings before fixed charges $1,419,768 $1,793,082 $2,984,539 $3,197,328 $2,939,438
Fixed charges 1,365,607 1,727,177 2,497,874 2,921,654 2,725,043
Ratio 1.04 1.04 1.19 1.09 1.08
Ratio of earnings to fixed charges
- ----------------------------------
Excluding customer accounts
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Earnings before fixed charges $ 480,687 $ 459,609 $1,016,334 $1,180,288 $1,148,087
Fixed charges 389,417 366,168 517,763 904,614 933,692
Ratio 1.23 1.26 1.96 1.30 1.23
Including customer accounts
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Earnings before fixed charges $1,419,768 $1,793,082 $2,984,539 $3,197,328 $2,939,438
Fixed charges 1,328,498 1,699,641 2,485,968 2,921,654 2,725,043
Ratio 1.07 1.05 1.20 1.09 1.08