Attached files
Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
For the six months ended June 30, |
For the years ended December 31, | ||||||||||||||||||
(dollars in millions) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||
Earnings: |
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Income (loss) before income taxes |
$ | 123 | $ | (115 | ) | $ | 271 | $ | 988 | $ | 1,165 | $ | 1,220 | ||||||
Plus: |
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Fixed charges |
128 | 565 | 1,260 | 1,748 | 1,457 | 788 | |||||||||||||
Earnings, including interest on deposits |
251 | 450 | 1,531 | 2,736 | 2,622 | 2,008 | |||||||||||||
Less: |
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Interest on deposits |
64 | 372 | 734 | 1,167 | 1,004 | 548 | |||||||||||||
Earnings, excluding interest on deposits |
$ | 187 | $ | 78 | $ | 797 | $ | 1,569 | $ | 1,618 | $ | 1,460 | |||||||
Fixed charges: |
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Interest expense |
$ | 115 | $ | 538 | $ | 1,236 | $ | 1,727 | $ | 1,439 | $ | 770 | |||||||
Interest portion of rental expense |
13 | 27 | 24 | 21 | 19 | 18 | |||||||||||||
Total fixed charges |
128 | 565 | 1,260 | 1,748 | 1,458 | 788 | |||||||||||||
Less: |
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Interest on deposits |
64 | 372 | 734 | 1,167 | 1,004 | 548 | |||||||||||||
Total fixed charges, excluding interest on deposits |
$ | 64 | $ | 193 | $ | 526 | $ | 581 | $ | 454 | $ | 240 | |||||||
Earnings to fixed charges: |
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Including interest on deposits |
1.95x | (a | ) | 1.21x | 1.57x | 1.80x | 2.55x | ||||||||||||
Excluding interest on deposits |
2.92x | (a | ) | 1.51x | 2.70x | 3.57x | 6.10x |
(a) | For the year ended December 31, 2009, earnings were insufficient to cover combined fixed charges, excluding or including interest on deposits, by $115,000,000. |