Attached files
Exhibit 12.1
Boston Private Financial Holding, Inc.
Calculation of ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in thousands)
| Six months ended June 30, 2010 |
Year ended December 31, | ||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| INCLUDING INTEREST ON DEPOSITS EARNINGS |
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| Add |
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| Pre tax income/ (loss) from continuing operations before adjustments for income/ (loss) from equity investees |
$ | 7,108 | $ | 17,983 | $ | (264,140 | ) | $ | 2,093 | $ | 44,839 | $ | 42,338 | ||||||
| Fixed charges from below |
50,462 | 140,370 | 172,882 | 143,443 | 100,190 | 59,886 | |||||||||||||
| Distributed income of equity investees |
— | — | — | 1,388 | 1,180 | 880 | |||||||||||||
| Subtract |
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| Preference security dividends |
3,512 | 8,649 | 1,163 | — | — | — | |||||||||||||
| Total Earnings |
$ | 54,057 | $ | 149,704 | $ | (92,420 | ) | $ | 146,924 | $ | 146,209 | $ | 103,104 | ||||||
| FIXED CHARGES |
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| Interest expense |
$ | 36,734 | $ | 99,829 | $ | 133,168 | $ | 139,167 | $ | 97,245 | $ | 57,266 | |||||||
| Interest portion of fixed rentals (1) |
— | — | — | — | — | — | |||||||||||||
| Amortization premiums, discounts and capitalized expenses related to indebtedness |
8,009 | 27,567 | 34,647 | 868 | 99 | 96 | |||||||||||||
| Estimate of the interest within rental expense (2) |
2,206 | 4,325 | 3,905 | 3,408 | 2,846 | 2,524 | |||||||||||||
| Preference security dividends |
3,512 | 8,649 | 1,163 | — | — | — | |||||||||||||
| Total fixed charges |
$ | 50,462 | $ | 140,370 | $ | 172,882 | $ | 143,443 | $ | 100,190 | $ | 59,886 | |||||||
| Ratio of Earnings to Fixed Charges (3) |
1.07 | 1.07 | (0.53 | ) | 1.02 | 1.46 | 1.72 | ||||||||||||
| EXCLUDING INTEREST ON DEPOSITS EARNINGS |
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| Add |
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| Pre tax income/ (loss) from continuing operations before adjustments for income/ (loss) from equity investees |
7,108 | $ | 17,983 | $ | (264,140 | ) | $ | 2,093 | $ | 44,839 | $ | 42,338 | |||||||
| Fixed charges, excluding deposit interest, from below |
30,451 | 81,498 | 91,286 | 47,106 | 34,668 | 23,786 | |||||||||||||
| Distributed income of equity investees |
— | — | — | 1,388 | 1,180 | 880 | |||||||||||||
| Subtract |
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| Preference security dividends |
3,512 | 8,649 | 1,163 | — | — | — | |||||||||||||
| Total Earnings |
$ | 34,046 | $ | 90,832 | $ | (174,016 | ) | $ | 50,587 | $ | 80,687 | $ | 67,004 | ||||||
| FIXED CHARGES, EXCLUDING DEPOSIT INTEREST |
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| Interest expense, excluding interest on deposits |
$ | 16,723 | $ | 40,957 | $ | 51,572 | $ | 42,830 | $ | 31,723 | $ | 21,166 | |||||||
| Interest portion of fixed rentals (1) |
— | — | — | — | — | — | |||||||||||||
| Amortization premiums, discounts and capitalized expenses related to indebtedness |
8,009 | 27,567 | 34,647 | 868 | 99 | 96 | |||||||||||||
| Estimate of the interest within rental expense (2) |
2,206 | 4,325 | 3,905 | 3,408 | 2,846 | 2,524 | |||||||||||||
| Preference security dividends |
3,512 | 8,649 | 1,163 | — | — | — | |||||||||||||
| Total fixed charges, excluding deposit interest |
$ | 30,451 | $ | 81,498 | $ | 91,286 | $ | 47,106 | $ | 34,668 | $ | 23,786 | |||||||
| Ratio of Earnings to Fixed Charges Excluding Interest on Deposits (3) |
1.12 | 1.11 | (1.91 | ) | 1.07 | 2.33 | 2.82 | ||||||||||||
| (1) | The Company is not a party to any capital leases; therefore, this item is not applicable. All leases are operating leases. |
| (2) | Interest component of rental expense is estimated to be 1/3 of rental expense. |
| (3) | For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $265.3 million. |