Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FLAGSTAR BANCORP INC | k49759e8vk.htm |
| EX-99.2 - EX-99.2 - FLAGSTAR BANCORP INC | k49759exv99w2.htm |
| EX-99.1 - EX-99.1 - FLAGSTAR BANCORP INC | k49759exv99w1.htm |
| EX-1.1 - EX-1.1 - FLAGSTAR BANCORP INC | k49759exv1w1.htm |
| EX-5.1 - EX-5.1 - FLAGSTAR BANCORP INC | k49759exv5w1.htm |
Exhibit 12.1
Statement of Computation of Ratios of Earnings to Fixed Charges and Preferred Dividends
| Nine-Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| September 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Income (loss) from continuing
operations, before income tax |
$ | (187,433 | ) | $ | (441,670 | ) | $ | (423,367 | ) | $ | (58,814 | ) | $ | 116,021 | $ | 123,955 | ||||||||
Fixed charges: |
||||||||||||||||||||||||
Interest on short-term borrowings |
2,750 | 4,676 | 32,722 | 120,075 | 188,861 | 39,383 | ||||||||||||||||||
Interest on long-term debt |
131,814 | 231,615 | 240,040 | 218,126 | 65,542 | 169,718 | ||||||||||||||||||
Preferred dividends |
10,000 | 10,555 | — | — | — | — | ||||||||||||||||||
Combined fixed charges, excluding
interest on deposits |
141,814 | 246,846 | 272,762 | 338,201 | 254,403 | 209,101 | ||||||||||||||||||
Interest on deposits |
123,677 | 241,507 | 282,710 | 357,430 | 331,516 | 253,292 | ||||||||||||||||||
Combined fixed charges, including
interest on deposits |
$ | 265,491 | $ | 488,353 | $ | 555,472 | $ | 695,631 | $ | 585,919 | $ | 462,393 | ||||||||||||
Ratio of earnings to combined
fixed
charges and preferred stock
dividend requirements: |
||||||||||||||||||||||||
Excluding interest on deposits |
(1) | (1) | (1) | (1) | 1.46 | 1.59 | ||||||||||||||||||
Including interest on deposits |
(1) | (1) | (1) | (1) | 1.20 | 1.27 | ||||||||||||||||||
| (1) | Earnings were insufficient to meet fixed charges and preferred stock dividends by approximately $441.7 million, $423.4 million and $58.8 million for the years ended December 31, 2009, 2008 and 2007, respectively, and $187.4 million for the nine month period ended September 30, 2010. |
We did not pay preferred stock dividends 2005 through 2008. Payments of $10.0 million were
made on our Series C preferred stock during the nine months ended September 30, 2010, payments of
$10.6 million were made on our Series C preferred stock during 2009.
For the purpose of computing the consolidated ratio of earnings to fixed charges, “earnings”
consist of income before income taxes and extraordinary items plus fixed charges. “Fixed charges”
consist of interest on short-term and long-term debt and where indicated, interest on deposits.
For the nine months ended September 30, 2009, fixed charges also includes preferred stock dividends. We
did not pay any preferred stock dividends prior to 2009. The ratios are based solely on historical
financial information, and no pro forma adjustments have been made thereto.