Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - HSBC USA INC /MD/ | c64243e10vq.htm |
| EX-32 - EX-32 - HSBC USA INC /MD/ | c64243exv32.htm |
| EX-31 - EX-31 - HSBC USA INC /MD/ | c64243exv31.htm |
EXHIBIT 12
HSBC USA
INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Three Months Ended March 31, | ||||||||
| 2011 | 2010 | |||||||
| (dollars are in millions) | ||||||||
|
Ratios excluding interest on deposits:
|
||||||||
|
Income from continuing operations
|
$ | 480 | $ | 544 | ||||
|
Income tax expense
|
82 | 314 | ||||||
|
Less: Undistributed equity earnings
|
- | 2 | ||||||
|
Fixed charges:
|
||||||||
|
Interest on:
|
||||||||
|
Borrowed funds
|
13 | 21 | ||||||
|
Long-term debt
|
163 | 140 | ||||||
|
One third of rents, net of income from subleases
|
8 | 7 | ||||||
|
Total fixed charges, excluding interest on deposits
|
184 | 168 | ||||||
|
Income from continuing operations before taxes and fixed
charges, net of undistributed equity earnings
|
$ | 746 | $ | 1,024 | ||||
|
Ratio of earnings from continuing operations to fixed charges
|
4.05 | 6.10 | ||||||
|
Total preferred stock dividend
factor(1)
|
$ | 21 | $ | 29 | ||||
|
Fixed charges, including the preferred stock dividend factor
|
$ | 205 | $ | 197 | ||||
|
Ratio of earnings from continuing operations to combined fixed
charges and preferred stock dividends
|
3.64 | 5.20 | ||||||
|
Ratios including interest on deposits:
|
||||||||
|
Total fixed charges, excluding interest on deposits
|
$ | 184 | $ | 168 | ||||
|
Add: Interest on deposits
|
116 | 163 | ||||||
|
Total fixed charges, including interest on deposits
|
$ | 300 | $ | 331 | ||||
|
Earnings from continuing operations before taxes and fixed
charges, net of undistributed equity earnings
|
$ | 746 | $ | 1,024 | ||||
|
Add: Interest on deposits
|
116 | 163 | ||||||
|
Total
|
$ | 862 | $ | 1,187 | ||||
|
Ratio of earnings from continuing operations to fixed charges
|
2.87 | 3.59 | ||||||
|
Fixed charges, including the preferred stock dividend
factor.........................
|
$ | 205 | $ | 197 | ||||
|
Add: Interest on deposits
|
116 | 163 | ||||||
|
Fixed charges, including the preferred stock dividend factor and
interest on deposits
|
$ | 321 | $ | 360 | ||||
|
Ratio of earnings from continuing operations to combined fixed
charges and preferred stock dividends
|
2.69 | 3.30 | ||||||
| (1) | Preferred stock dividends grossed up to their pretax equivalents. |