WACHOVIA PREFERRED FUNDING CORP - FORM 10-Q - EX-12.(B) - COMPUTATION OF CONS. RATIOS OF EARNINGS TO FIXED CHARGES AND PREF STCK DIV - May 11, 2011

Attached files

file filename
10-Q - FORM 10-Q - WACHOVIA PREFERRED FUNDING CORPd10q.htm
EX-12.(A) - COMPUTATION OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES - WACHOVIA PREFERRED FUNDING CORPdex12a.htm
EX-32.(B) - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 - WACHOVIA PREFERRED FUNDING CORPdex32b.htm
EX-31.(A) - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 - WACHOVIA PREFERRED FUNDING CORPdex31a.htm
EX-31.(B) - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 - WACHOVIA PREFERRED FUNDING CORPdex31b.htm
EX-32.(A) - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 906 - WACHOVIA PREFERRED FUNDING CORPdex32a.htm
EX-99 - SUPPLEMENTARY CONSOLIDATING FINANCIAL INFORMATION - WACHOVIA PREFERRED FUNDING CORPdex99.htm

Exhibit (12)(b)

Wachovia Preferred Funding Corp. and Subsidiaries

Computation of Consolidated Ratios of Earnings to Fixed Charges and Preferred Dividends

 

   
    Quarter ended March 31,  
(in thousands)   2011     2010  

Excluding interest on deposits (1)

    

Income before income taxes

   $ 210,959       131,904  

Fixed charges, excluding preferred dividends and capitalized interest

     –        –   

Earnings

   $         210,959               131,904  

Interest

   $ –        –   

One-third of rents

     –        –   

Preferred dividends

     45,946       45,263  

Capitalized interest

     –        –   

Fixed charges

   $ 45,946       45,263  

Consolidated ratios of earnings to fixed charges (2)

     4.59       2.91  

 

 

 

(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.

 

 

45

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