Exhibit 12.1
SLM HOLDING CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
Three months ended
Years ended December 31, March 31,
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1994 1995 1996 1997 1998 1998 1999
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Pre-tax income from continuing
operations before adjustment
for minority interests in
consolidated subsidiaries $ 591,095 $ 504,897 $ 600,327 $ 759,748 $ 750,131 $208,604 $170,387
Add: Fixed charges 2,158,947 3,039,522 2,600,048 2,544,584 1,948,995 544,363 463,559
Less: Other adjustments -- (2,421) (711) -- -- -- --
Less: Preferred dividends (16,452) (16,452) (16,452) (18,428) (23,998) (6,000) (5,846)
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Total earnings $2,733,590 $3,525,546 $3,183,212 $3,285,904 $2,675,128 $746,967 $628,100
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Fixed charges
Interest expenses $2,142,495 $3,020,649 $2,582,885 $2,526,156 $1,924,997 $538,363 457,713
Preferred dividends 16,452 16,452 16,452 18,428 23,998 6,000 5,846
Other adjustments -- 2,421 711 -- -- -- --
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Total fixed charges $2,158,947 $3,039,522 $2,600,048 $2,544,584 $1,948,995 $544,363 $463,559
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Ratio of earnings to fixed charges
and preferred stock dividends 1.27 1.16 1.22 1.29 1.37 1.37 1.35
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Ratio of earnings to fixed charges 1.27 1.16 1.23 1.29 1.38 1.38 1.36
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For purposes of the "earnings" computation, "other adjustments" includes
capitalized interest cost.
For purposes of the "fixed charges" computation, "other adjustments" includes
capitalized interest cost.