EX-12.1 5 exhibit12-1.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES exhibit12-1.htm
EXHIBIT 12.1

 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
AND PREFERRED STOCK DIVIDENDS
 
(in thousands, except ratio of earnings to fixed charges)
 
The following table sets forth our consolidated ratios of earnings to fixed charges and preferred stock dividends for the periods shown.  For purposes of computing the ratios, earnings represent income before taxes, extraordinary items and the cumulative effect of accounting changes, plus fixed charges.  Fixed charges represent total interest expense plus an estimate of the interest within rental expense, including and excluding interest on deposits.  Currently, we have no shares of preferred stock outstanding and have not paid any dividends on preferred stock in the periods shown.  Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is not different from the ratio of earnings to fixed charges.
 
 
                                            Year Ended December 31,
  
 
2008  
2007  
2006  
2005  
2004  
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits):
        
Earnings:
          
   Income before income taxes
$42,187
$35,691
$47,644
$56,440
$73,671
   Add:  Fixed charges, net
112,434
112,254
93,812
77,769
68,173
Income before income taxes and fixed charges, net
154,621
147,945
141,456
134,209
141,844
Fixed charges
          
   Interest expense
111,302
111,147
93,340
77,341
67,776
   Estimate of interest (1/3) within rental expense
652
598
472
428
397
   Interest on unrecognized tax benefits
480
509
-  
-  
-  
Total fixed charges
112,434
112,254
93,812
77,769
68,173
Ratio of Earnings to Fixed Charges
1.38
1.32
1.51
1.73
2.08
           
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits):
        
Earnings:
          
   Income before income taxes
$42,187
$35,691
$47,644
$56,440
$73,671
   Add:  Fixed charges, net
52,456
36,493
37,153
36,711
30,300
Income before income taxes and fixed charges, net
94,643
72,184
84,797
93,151
103,971
Fixed charges
          
   Interest expense (excluding deposits)
51,324
35,386
36,681
36,283
29,903
   Estimate of interest (1/3) within rental expense
652
598
472
428
397
   Interest on unrecognized tax benefits
480
509
-  
-  
-  
Total fixed charges
52,456
36,493
37,153
36,711
30,300
Ratio of Earnings to Fixed Charges
1.80
1.98
2.28
2.54
3.43