WACHOVIA PREFERRED FUNDING CORP - FORM 10-Q - EX-12.B - COMPUTATION OF CONSOLIDATED RATIOS OF EARNING TO FIXED CHARGES AND PREFERRED - August 11, 2010

Attached files

file filename
10-Q - FORM 10-Q - WACHOVIA PREFERRED FUNDING CORPd10q.htm
EX-99 - WELLS FARGO SUPPLEMENTARY CONSOLIDATIONG FINANCIAL INFORMATION - WACHOVIA PREFERRED FUNDING CORPdex99.htm
EX-32.A - SECTION 906 CEO CERTIFICATION - WACHOVIA PREFERRED FUNDING CORPdex32a.htm
EX-31.A - SECTION 302 CEO CERTIFICATION - WACHOVIA PREFERRED FUNDING CORPdex31a.htm
EX-32.B - SECTION 906 CFO CERTIFICATION - WACHOVIA PREFERRED FUNDING CORPdex32b.htm
EX-31.B - SECTION 302 CFO CERTIFICATION - WACHOVIA PREFERRED FUNDING CORPdex31b.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 June 30,        Six months ended June 30,
(in thousands)                2010                2009                    2010                2009
 

Excluding interest on deposits (1)

              

Income before income taxes

    $ 169,683    195,272      301,587    439,905

Fixed charges, excluding preferred dividends and capitalized interest

      -    68      -    232
 

Earnings

    $ 169,683    195,340      301,587    440,137
 

Interest

    $ -    68      -    232

One-third of rents

      -    -      -    -

Preferred dividends

      45,829    43,004      91,092    88,946

Capitalized interest

      -    -      -    -
 

Fixed charges

    $ 45,829    43,072      91,092    89,178
 

Consolidated ratios of earnings to fixed charges (2)

      3.70    4.54      3.31    4.94
 

 

(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.

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