Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - DORAL FINANCIAL CORP | g22202e10vk.htm |
| EX-21 - EX-21 - DORAL FINANCIAL CORP | g22202exv21.htm |
| EX-23 - EX-23 - DORAL FINANCIAL CORP | g22202exv23.htm |
| EX-32.2 - EX-32.2 - DORAL FINANCIAL CORP | g22202exv32w2.htm |
| EX-12.1 - EX-12.1 - DORAL FINANCIAL CORP | g22202exv12w1.htm |
| EX-31.1 - EX-31.1 - DORAL FINANCIAL CORP | g22202exv31w1.htm |
| EX-31.2 - EX-31.2 - DORAL FINANCIAL CORP | g22202exv31w2.htm |
| EX-32.1 - EX-32.1 - DORAL FINANCIAL CORP | g22202exv32w1.htm |
Exhibit 12.2
Doral Financial Corporation
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
| (Dollars in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Including Interest on Deposits |
||||||||||||||||||||
Earnings: |
||||||||||||||||||||
Pre-tax
(loss) income from continuing operations |
$ | (42,621 | ) | $ | (32,258 | ) | $ | (302,762 | ) | $ | (272,008 | ) | $ | 32,283 | ||||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized interest) |
293,019 | 349,621 | 427,141 | 623,668 | 670,137 | |||||||||||||||
Total Earnings |
$ | 250,398 | $ | 317,363 | $ | 124,379 | $ | 351,660 | $ | 702,420 | ||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 290,451 | $ | 347,001 | $ | 423,986 | $ | 619,094 | $ | 665,313 | ||||||||||
Amortized premiums, discounts, and capitalized
expenses related to indebtedness |
187 | 192 | 633 | 1,411 | 1,869 | |||||||||||||||
An estimate of the interest component within rental expense |
2,381 | 2,428 | 2,522 | 3,163 | 2,955 | |||||||||||||||
Total Fixed Charges before preferred dividends |
293,019 | 349,621 | 427,141 | 623,668 | 670,137 | |||||||||||||||
Preferred dividends accrued |
15,841 | 33,299 | 33,299 | 33,299 | 33,299 | |||||||||||||||
Ratio of pre tax income to net income |
2.016 | 0.101 | 1.771 | 1.215 | 2.447 | |||||||||||||||
Preferred dividend factor |
31,935 | 3,363 | 58,973 | 40,458 | 81,483 | |||||||||||||||
Total fixed charges and preferred stock dividends |
$ | 324,954 | $ | 352,984 | $ | 486,114 | $ | 664,126 | $ | 751,620 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(A | ) | (A | ) | (A | ) | (A | ) | (A | ) | ||||||||||
Excluding Interest on Deposits |
||||||||||||||||||||
Earnings (Loss): |
||||||||||||||||||||
Pre-tax
(loss) income from continuing operations |
$ | (42,621 | ) | $ | (32,258 | ) | $ | (302,762 | ) | $ | (272,008 | ) | $ | 32,283 | ||||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized interest) |
167,836 | 192,891 | 255,909 | 468,250 | 563,973 | |||||||||||||||
Total
Earnings (Loss) |
$ | 125,265 | $ | 160,633 | $ | (46,853 | ) | $ | 196,242 | $ | 596,256 | |||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 165,318 | $ | 190,271 | $ | 252,754 | $ | 463,676 | $ | 559,149 | ||||||||||
Amortized premiums, discounts, and capitalized
expenses related to indebtedness |
187 | 192 | 633 | 1,411 | 1,869 | |||||||||||||||
An estimate of the interest component within rental expense |
2,381 | 2,428 | 2,522 | 3,163 | 2,955 | |||||||||||||||
Total Fixed Charges before preferred dividends |
167,886 | 192,891 | 255,909 | 468,250 | 563,973 | |||||||||||||||
Preferred dividends |
15,841 | 33,299 | 33,299 | 33,299 | 33,299 | |||||||||||||||
Ratio of pre tax income to net income |
2.016 | 0.101 | 1.771 | 1.215 | 2.447 | |||||||||||||||
Preferred dividend factor |
31,935 | 3,363 | 58,973 | 40,458 | 81,483 | |||||||||||||||
Total fixed charges and preferred stock dividends |
$ | 199,821 | $ | 196,254 | $ | 314,882 | $ | 508,708 | $ | 645,456 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(A | ) | (A | ) | (A | ) | (A | ) | (A | ) | ||||||||||
| (A) | For the years ended December 31, 2009, 2008, 2007, 2006 and 2005 earnings were not sufficient to cover preferred dividends and the ratios were less than 1:1. The Company would have had to generate additional earnings of $74.6 million, $35.6 million, $361.7 million, $312.5 million, and $49.2 million to achieve a ratio of 1:1 in 2009, 2008, 2007, 2006 and 2005, respectively. |