WACHOVIA PREFERRED FUNDING CORP - FORM 10-K - EX-12.(B) - COMP. OF CON. RATIOS OF EARNINGS TO FIXED CHARGES AND PREF STOCK DIVIDENDS - March 23, 2010

Attached files

file filename
10-K - FORM 10-K - WACHOVIA PREFERRED FUNDING CORPd10k.htm
EX-21 - LIST OF SUBSIDIARIES - WACHOVIA PREFERRED FUNDING CORPdex21.htm
EX-24 - POWER OF ATTORNEY - WACHOVIA PREFERRED FUNDING CORPdex24.htm
EX-32.(B) - CERTIFICATION OF CFO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT - WACHOVIA PREFERRED FUNDING CORPdex32b.htm
EX-99.(B) - SELECTED UNAUDITED FINANCIAL INFORMATION FOR WACHOVIA BANK - WACHOVIA PREFERRED FUNDING CORPdex99b.htm
EX-99.(A) - SELECTED WELLS FARGO & CO. AND SUBS AND WACH CORP AND SUBS. SUPP CONS FIN INFOR. - WACHOVIA PREFERRED FUNDING CORPdex99a.htm
EX-32.(A) - CERTIFICATION OF CEO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT - WACHOVIA PREFERRED FUNDING CORPdex32a.htm
EX-31.(A) - CERTIFICATION OF CEO PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT - WACHOVIA PREFERRED FUNDING CORPdex31a.htm
EX-12.(A) - COMPUTATIONS OF CONS. RATIOS OF EARNINGS TO FIXED CHARGES - WACHOVIA PREFERRED FUNDING CORPdex12a.htm
EX-31.(B) - CERTIFICATION OF CFO PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT - WACHOVIA PREFERRED FUNDING CORPdex31b.htm

Exhibit (12)(b)

 

WACHOVIA PREFERRED FUNDING CORP.

AND SUBSIDIARIES

 

COMPUTATIONS OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

 

     Years Ended December 31,

(In thousands)

    2009    2008    2007    2006    2005
     (Successor)    (Predecessor)    (Predecessor)    (Predecessor)    (Predecessor)

EXCLUDING INTEREST ON
DEPOSITS (1)

               

Income before income taxes

    $ 869,245    780,437    1,083,871    1,059,575    725,648

Fixed charges, excluding preferred stock dividends and capitalized interest

      380    6,148    28,618    17,466    4,196
                          

Earnings

    $ 869,625    786,585    1,112,489    1,077,041    729,844
                          

Interest

    $ 380    6,148    28,618    17,466    4,196

One-third of rents

      —      —      —      —      —  

Preferred stock dividends

      160,678    293,229    387,483    375,612    281,699

Capitalized interest

      —      —      —      —      —  
                          

Fixed charges

   $ 161,058    299,377    416,101    393,078    285,895
                          

Consolidated ratios of earnings to fixed charges (2)

      5.40    2.63    2.67    2.74    2.55
                          

 

(1) As defined in Item 503(d) of Regulation S-K.
(2) These computations are included herein in compliance with Securities and Exchange Commission regulations. However, management believes that fixed charge ratios are not meaningful measures for the business of Wachovia Funding. For example, even if there was no change in net income, the ratios would decline if interest income and interest expense increase by the same amount due to an increase in the level of interest rates or, conversely, they would increase if interest income and interest expense decrease by the same amount due to a decrease in the level of interest rates.

 

WACHOVIA PREFERRED FUNDING CORP Reports