Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - SLM Corp | slm-2q_2016x10xq.htm |
| EX-32.2 - EXHIBIT 32.2 - SLM Corp | slm20160630ex322.htm |
| EX-32.1 - EXHIBIT 32.1 - SLM Corp | slm20160630ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - SLM Corp | slm20160630ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - SLM Corp | slm20160630ex311.htm |
| EX-10.1 - EXHIBIT 10.1 - SLM Corp | slm20160630ex101.htm |
Exhibit 12.1
SLM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Years Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2015 | 2016 | ||||||||||||||||||||||
Income before income tax expense | $ | 87,848 | $ | 341,869 | $ | 416,527 | $ | 333,752 | $ | 439,064 | $ | 230,595 | $ | 196,550 | ||||||||||||||
Add: Fixed charges | 107,896 | 84,709 | 91,182 | 98,404 | 132,048 | 62,356 | 83,864 | |||||||||||||||||||||
Total earnings | $ | 195,744 | $ | 426,578 | $ | 507,709 | $ | 432,156 | $ | 571,112 | $ | 292,951 | $ | 280,414 | ||||||||||||||
Interest expense | $ | 105,385 | $ | 82,912 | $ | 89,085 | $ | 95,815 | $ | 128,619 | $ | 60,619 | $ | 82,067 | ||||||||||||||
Rental expense, net of income | 2,511 | 1,797 | 2,097 | 2,589 | 3,429 | 1,737 | 1,797 | |||||||||||||||||||||
Total fixed charges | 107,896 | 84,709 | $ | 91,182 | 98,404 | 132,048 | 62,356 | 83,864 | ||||||||||||||||||||
Preferred stock dividends | — | — | — | 12,933 | 19,595 | 9,693 | 10,382 | |||||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 107,896 | $ | 84,709 | $ | 91,182 | $ | 111,337 | $ | 151,643 | $ | 72,049 | $ | 94,246 | ||||||||||||||
Ratio of earnings to fixed charges(1) | 1.81 | 5.04 | 5.57 | 4.39 | 4.33 | 4.70 | 3.34 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1) | 1.81 | 5.04 | 5.57 | 3.88 | 3.77 | 4.07 | 2.98 | |||||||||||||||||||||
(1) | For purposes of computing these ratios, earnings represent income 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. |