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EXHIBIT 12.2
Ratio of Earnings to Fixed Charges and Preferred Dividends
Nine Months Ended September 30, |
Years Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: |
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Pre-tax income |
$ | (186,141 | ) | $ | (811,112 | ) | $ | (411,432 | ) | $ | 138,213 | $ | 108,176 | $ | 90,623 | |||||||||
Preferred stock dividend |
(11,596 | ) | (17,369 | ) | (1,208 | ) | 0 | 0 | 0 | |||||||||||||||
Benefit to common shareholders |
84,329 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Pre-tax income available to common shareholders |
(113,408 | ) | (828,481 | ) | (412,640 | ) | 138,213 | 108,176 | 90,623 | |||||||||||||||
Fixed charges |
64,913 | 109,128 | 129,282 | 140,816 | 105,838 | 81,930 | ||||||||||||||||||
Earnings |
$ | (48,495 | ) | $ | (719,353 | ) | $ | (283,358 | ) | $ | 279,029 | $ | 214,014 | $ | 172,553 | |||||||||
Interest expense-short term borrowings |
$ | 5,434 | $ | 16,476 | $ | 20,820 | $ | 29,956 | $ | 35,979 | $ | 35,255 | ||||||||||||
Interest expense-long term borrowings |
45,348 | 69,633 | 100,353 | 104,048 | 65,691 | 44,031 | ||||||||||||||||||
Preferred stock dividend |
11,596 | 17,369 | 1,208 | 0 | 0 | 0 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor ** |
2,535 | 5,650 | 6,901 | 6,812 | 4,168 | 2,644 | ||||||||||||||||||
Fixed charges |
$ | 64,913 | $ | 109,128 | $ | 129,282 | $ | 140,816 | $ | 105,838 | $ | 81,930 | ||||||||||||
Earnings to fixed charges, excluding interest on deposits |
* | * | * | 1.98 | 2.02 | 2.11 | ||||||||||||||||||
INCLUDING INTEREST ON DEPOSITS: |
||||||||||||||||||||||||
Pre-tax income |
$ | (186,141 | ) | $ | (811,112 | ) | $ | (411,432 | ) | $ | 138,213 | $ | 108,176 | $ | 90,623 | |||||||||
Preferred stock dividend |
(11,596 | ) | (17,369 | ) | (1,208 | ) | 0 | 0 | 0 | |||||||||||||||
Benefit to common shareholders |
84,329 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Pre-tax income available to common shareholders |
(113,408 | ) | (828,481 | ) | (412,640 | ) | 138,213 | 108,176 | 90,623 | |||||||||||||||
Fixed charges |
140,066 | 278,389 | 363,619 | 418,430 | 291,111 | 173,920 | ||||||||||||||||||
Earnings |
$ | 26,658 | $ | (550,092 | ) | $ | (49,021 | ) | $ | 556,643 | $ | 399,287 | $ | 264,543 | ||||||||||
Interest expense-short term borrowings |
$ | 80,587 | $ | 185,737 | $ | 255,157 | $ | 307,570 | $ | 221,252 | $ | 127,245 | ||||||||||||
Interest expense-long term borrowings |
45,348 | 69,633 | 100,353 | 104,048 | 65,691 | 44,031 | ||||||||||||||||||
Preferred stock dividend |
11,596 | 17,369 | 1,208 | 0 | 0 | 0 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor ** |
2,535 | 5,650 | 6,901 | 6,812 | 4,168 | 2,644 | ||||||||||||||||||
Fixed charges |
$ | 140,066 | $ | 278,389 | $ | 363,619 | $ | 418,430 | $ | 291,111 | $ | 173,920 | ||||||||||||
Earnings to fixed charges, including interest on deposits |
0.19 | * | * | 1.33 | 1.37 | 1.52 | ||||||||||||||||||
* | Earnings to fixed charges and preferred dividends were a deficiency of $113.4 million for the nine months ended September 30, 2010, and $828.5 million and $412.6 million for the years ended December 31, 2009 and 2008, respectively. |
** | The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. |