WACHOVIA PREFERRED FUNDING CORP - FORM 10-Q - EX-12.(B) - COMPUTATION OF CONS. RATIOS OF EARNINGS TO FIXED CHARGES AND PREF STCK DIVIDENDS - May 12, 2010

Attached files

file filename
10-Q - FORM 10-Q - WACHOVIA PREFERRED FUNDING CORPd10q.htm
EX-99 - WELLS FARGO & COMPANY SUPPLEMENTARY CONSOLIDATING FINANCIAL INFORMATION - WACHOVIA PREFERRED FUNDING CORPdex99.htm
EX-31.(B) - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 - WACHOVIA PREFERRED FUNDING CORPdex31b.htm
EX-31.(A) - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 - WACHOVIA PREFERRED FUNDING CORPdex31a.htm
EX-32.(B) - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 - WACHOVIA PREFERRED FUNDING CORPdex32b.htm
EX-32.(A) - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 906 - WACHOVIA PREFERRED FUNDING CORPdex32a.htm
EX-12.(A) - COMPUTATION OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES - WACHOVIA PREFERRED FUNDING CORPdex12a.htm

Exhibit (12)(b)

WACHOVIA PREFERRED FUNDING CORP.

AND SUBSIDIARIES

COMPUTATIONS OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

 

 

 

     Quarter ended March 31,
(in thousands)    2010    2009

Excluding interest on deposits (1)

      

Income before income taxes

    $ 131,904    244,633

Fixed charges, excluding preferred dividends and capitalized interest

      -    164
 

Earnings

    $ 131,904    244,797
 

Interest

    $ -    164

One-third of rents

      -    -

Preferred dividends

      45,263    45,942

Capitalized interest

      -    -
 

Fixed charges

    $ 45,263    46,106
 

Consolidated ratios of earnings to fixed charges (2)

      2.91    5.31
 

 

(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

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