SLM Corp - FORM 10-Q - EX-12.1 - EXHIBIT 12.1

Exhibit 12.1

SLM CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in thousands)



	Years Ended December 31,											Nine Months Ended September 30,
'	2010			2011		2012		2013		2014		2014		2015
Income (loss) before income tax expense (benefit)	$	(122,669	)	$	87,848	$	341,871	$	416,528	$	333,752	$	289,570	$	294,304
Add: Fixed charges	146,256			107,896		84,708		91,182		98,404		68,406		96,661

Total earnings	$	23,587		$	195,744	$	426,579	$	507,710	$	432,156	$	357,976	$	390,965

Interest expense	$	143,927		$	105,385	$	82,911	$	89,085	$	95,815	$	67,842	$	94,078
Rental expense, net of income	2,329			2,511		1,797		2,097		2,589		564		2,583

Total fixed charges	146,256			107,896		$	84,708	91,182		98,404		68,406		96,661

Preferred stock dividends	—			—		—		—		12,933		8,078		14,606
Total fixed charges and preferred stock dividends	$	146,256		$	107,896	$	84,708	$	91,182	$	111,337	$	76,484	$	111,267
Ratio of earnings to fixed charges^{(1) (2)}	—			1.81		5.04		5.57		4.39		5.23		4.04

Ratio of earnings to fixed charges and preferred stock dividends^{(1) (2)}	—			1.81		5.04		5.57		3.88		4.68		3.51


(1)	For purposes of computing these ratios, earnings represent income (loss) before income tax expense plus fixed charges. Fixed charges represent interest expensed and capitalized plus one-third (the proportion deemed representative of the interest factor) of rents, net of income from subleases.


(2)	Due to a pre-tax loss from operations of $122,669 for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate $122,669 million of additional earnings in the year ended December 31, 2010 for the ratio coverage to equal 1:1.

SLM Corp - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - October 21, 2015