Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - SLM Corp | slm20170930ex322.htm |
| EX-32.1 - EXHIBIT 32.1 - SLM Corp | slm20170930ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - SLM Corp | slm20170930ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - SLM Corp | slm20170930ex311.htm |
| 10-Q - 10-Q - SLM Corp | slm-3q_2017x10xq.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, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2016 | 2017 | ||||||||||||||||||||||
Income before income tax expense | $ | 341,869 | $ | 416,527 | $ | 333,752 | $ | 439,064 | $ | 414,436 | $ | 301,072 | $ | 378,272 | ||||||||||||||
Add: Fixed charges | 84,709 | 91,182 | 98,404 | 132,048 | 189,717 | 134,124 | 220,979 | |||||||||||||||||||||
Total earnings | $ | 426,578 | $ | 507,709 | $ | 432,156 | $ | 571,112 | $ | 604,153 | $ | 435,196 | $ | 599,251 | ||||||||||||||
Interest expense | $ | 82,912 | $ | 89,085 | $ | 95,815 | $ | 128,619 | $ | 185,908 | $ | 131,329 | $ | 217,777 | ||||||||||||||
Rental expense, net of income | 1,797 | 2,097 | 2,589 | 3,429 | 3,809 | 2,795 | 3,202 | |||||||||||||||||||||
Total fixed charges | 84,709 | $ | 91,182 | 98,404 | 132,048 | 189,717 | 134,124 | 220,979 | ||||||||||||||||||||
Preferred stock dividends | — | — | 12,933 | 19,595 | 21,204 | 15,698 | 12,577 | |||||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 84,709 | $ | 91,182 | $ | 111,337 | $ | 151,643 | $ | 210,921 | $ | 149,822 | $ | 233,556 | ||||||||||||||
Ratio of earnings to fixed charges(1) | 5.04 | 5.57 | 4.39 | 4.33 | 3.18 | 3.24 | 2.71 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1) | 5.04 | 5.57 | 3.88 | 3.77 | 2.86 | 2.90 | 2.57 | |||||||||||||||||||||
(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. |