EXHIBIT 12.1
GREAT WESTERN FINANCIAL CORPORATION
Computation of Ratios of Earnings to Fixed Charges
Twelve Months Twelve Months Twelve Months
Ended Ended Ended
(Dollars in thousands) Decmeber 31, December 31, Decmeber 31,
1994 1993 1992
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Earnings
Net earnings $ 251,234 $ 62,047 $ 85,006
Accounting changes - (31,094)
Taxes on income 155,300 30,000 41,600
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Earnings before taxes and
accounting changes $ 406,534 $ 92,047 $ 95,512
========== ========== ==========
Interest expense
Customer accounts $ 950,299 $ 939,081 $1,333,473
Borrowings 370,004 370,761 344,823
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Total $1,320,303 $1,309,842 $1,678,296
========== ========== ==========
Rent expense
Total $ 55,011 $ 53,638 $ 57,823
1/3 thereof 18,337 17,879 19,274
Capitalized interest $ 196 $ 777 $ 2,071
Preferred stock dividends $ 25,015 $ 25,015 15,543
Ratio of earnings to fixed
charges and preferred stock
dividends
Excluding customer accounts
Earnings before fixed charges $ 794,875 $ 480,687 $ 459,609
Fixed charges 429,015 426,526 393,704
Ratio 1.85 1.13 1.17
Including customer accounts
Earnings before fixed charges $1,745,174 $1,419,768 $1,793,082
Fixed charges 1,379,314 1,365,607 1,727,177
Ratio 1.27 1.04 1.04
Ratio of earnings to fixed charges
Excluding customer accounts
Earnings before fixed charges $ 794,875 $ 480,687 $ 459,609
Fixed charges 388,537 389,417 366,168
Ratio 2.05 1.23 1.26
Including customer accounts
Earnings before fixed charges $1,745,174 $1,419,768 $1,793,082
Fixed charges 1,338,836 1,328,498 1,699,641
Ratio 1.30 1.07 1.05
EXHIBIT 12.1 (continued)
GREAT WESTERN FINANCIAL CORPORATION
Computation of Ratios of Earnings to Fixed Charges
Twelve Months Twelve Months
Ended Ended
(Dollars in thousands) December 31, December 31,
1991 1990
------------- --------------
Earnings
Net earnings $ 298,130 $ 127,074
Accounting changes - -
Taxes on income 207,300 148,600
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Earnings before taxes and
accounting changes $ 505,430 $ 275,674
========== ==========
Interest expense
Customer accounts $1,968,205 $2,017,040
Borrowings 493,757 888,094
---------- ----------
Total $2,461,962 $2,905,134
========== ==========
Rent expense
Total $ 51,440 $ 49,561
1/3 thereof 17,147 16,520
Capitalized interest $ 6,859 $ -
Preferred stock dividends $ 7,023 $ -
Ratio of earnings to fixed
charges and preferred stock
dividends
Excluding customer accounts
Earnings before fixed charges $1,016,334 $1,180,288
Fixed charges 529,669 904,614
Ratio 1.92 1.30
Including customer accounts
Earnings before fixed charges $2,984,539 $3,197,328
Fixed charges 2,497,874 2,921,654
Ratio 1.19 1.09
Ratio of earnings to fixed charges
Excluding customer accounts
Earnings before fixed charges $1,016,334 $1,180,288
Fixed charges 517,763 904,614
Ratio 1.96 1.30
Including customer accounts
Earnings before fixed charges $2,984,539 $3,197,328
Fixed charges 2,485,968 2,921,654
Ratio 1.20 1.09