Attached files
QuickLinks -- Click here to rapidly navigate through this document
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)
|
Year Ended December 31, | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||
Excluding interest on deposits |
|||||||||||||||||||
Income before income taxes (1) |
$ | 50,163 | $ | 157,739 | $ | 362,229 | $ | 372,844 | $ | 382,231 | |||||||||
Equity investee income |
(3,545 | ) | (3,633 | ) | (6,983 | ) | (5,647 | ) | (2,068 | ) | |||||||||
Equity investee distributions |
2,827 | 3,914 | 6,629 | 4,844 | 2,234 | ||||||||||||||
Preferred dividends of consolidated subsidiaries |
(3,725 | ) | (3,145 | ) | (3,434 | ) | (3,407 | ) | (3,478 | ) | |||||||||
Fixed charges: |
|||||||||||||||||||
Interest expense (2) |
24,319 | 62,958 | 72,416 | 63,700 | 32,712 | ||||||||||||||
Interest within rental expense |
12,286 | 11,913 | 10,300 | 9,644 | 8,439 | ||||||||||||||
Preferred dividends of consolidated subsidiaries |
3,725 | 3,145 | 3,434 | 3,407 | 3,478 | ||||||||||||||
Total fixed charges |
$ | 40,330 | $ | 78,016 | $ | 86,150 | $ | 76,751 | $ | 44,629 | |||||||||
Total earnings and fixed charges |
$ | 86,050 | $ | 232,891 | $ | 444,591 | $ | 445,385 | $ | 423,548 | |||||||||
Fixed charges, as above |
40,330 |
$ |
78,016 |
$ |
86,150 |
$ |
76,751 |
$ |
44,629 |
||||||||||
Preferred stock dividends |
34,285 | 3,225 | | | | ||||||||||||||
Fixed charges including preferred stock dividends |
$ | 74,615 | $ | 81,241 | $ | 86,150 | $ | 76,751 | $ | 44,629 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividend requirements |
1.15 |
2.87 |
5.16 |
5.80 |
9.49 |
||||||||||||||
Including interest on deposits |
|||||||||||||||||||
Total earnings and fixed charges, as above |
$ | 86,050 | $ | 232,891 | $ | 444,591 | $ | 445,385 | $ | 423,548 | |||||||||
Add: Interest on deposits |
60,429 | 122,990 | 214,680 | 159,024 | 76,045 | ||||||||||||||
Total earnings, fixed charges and interest on deposits |
$ | 146,479 | $ | 355,881 | $ | 659,271 | $ | 604,409 | $ | 499,593 | |||||||||
Fixed charges, including preferred stock dividends, as above |
$ |
74,615 |
$ |
81,241 |
$ |
86,150 |
$ |
76,751 |
$ |
44,629 |
|||||||||
Add: Interest on deposits |
60,429 | 122,990 | 214,680 | 159,024 | 76,045 | ||||||||||||||
Total fixed charges including preferred stock dividends and interest on deposits |
$ | 135,044 | $ | 204,231 | $ | 300,830 | $ | 235,775 | $ | 120,674 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividend requirements |
1.08 |
1.74 |
2.19 |
2.56 |
4.14 |
- (1)
- Prior
period amounts have been reclassified to conform to current period presentation.
- (2)
- Includes interest expense on uncertain tax positions.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements (in thousands, except ratios)