|
Three Months |
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| Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2009(1) | 2008(1) | 2008(1) | 2007(1) | 2006 | 2005 | 2004 | ||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||
|
Net income (loss) before income tax expense (benefit) and
cumulative effect of changes in accounting principles
|
$ | (10,788 | ) | $ | (571 | ) | $ | (44,561 | ) | $ | (5,985 | ) | $ | 2,340 | $ | 2,626 | $ | 3,341 | ||||||||||
|
Add:
|
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|
Low-income housing tax credit partnerships
|
106 | 117 | 453 | 469 | 407 | 320 | 282 | |||||||||||||||||||||
|
Total interest expense
|
6,486 | 8,769 | 33,332 | 38,482 | 37,270 | 29,899 | 26,566 | |||||||||||||||||||||
|
Interest factor in rental expenses
|
2 | 2 | 8 | 7 | 6 | 6 | 6 | |||||||||||||||||||||
|
Earnings (loss), as adjusted
|
$ | (4,194 | ) | $ | 8,317 | $ | (10,768 | ) | $ | 32,973 | $ | 40,023 | $ | 32,851 | $ | 30,195 | ||||||||||||
|
Fixed charges:
|
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|
Total interest expense
|
$ | 6,486 | $ | 8,769 | $ | 33,332 | $ | 38,482 | $ | 37,270 | $ | 29,899 | $ | 26,566 | ||||||||||||||
|
Interest factor in rental expenses
|
2 | 2 | 8 | 7 | 6 | 6 | 6 | |||||||||||||||||||||
|
Capitalized interest
|
— | — | — | — | — | — | 1 | |||||||||||||||||||||
|
Total fixed charges
|
$ | 6,488 | $ | 8,771 | $ | 33,340 | $ | 38,489 | $ | 37,276 | $ | 29,905 | $ | 26,573 | ||||||||||||||
|
Ratio of earnings to fixed
charges(2)
|
— | — | — | — | 1.07 | 1.10 | 1.14 | |||||||||||||||||||||
| (1) | For the ratio of earnings to fixed charges to equal 1.00, earnings (loss), as adjusted must increase by $10.7 billion and $0.5 billion for the three months ended March 31, 2009 and March 31, 2008, respectively. For the ratio of earnings to fixed charges to equal 1.00, earnings (loss), as adjusted must increase by $44.1 billion and $5.5 billion for the years ended December 31, 2008 and 2007, respectively. |
| (2) | Ratio of earnings to fixed charges is computed by dividing earnings (loss), as adjusted by total fixed charges. |