EX-12.1 2 exhibit12-1.htm SCHEDULE 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.
 
 
Three Months Ended September 30,       
 
2009  
2008  
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits):
    
Earnings:
    
   Income before income taxes
$13,663
$13,350
   Add:  Fixed charges, net
23,830
27,924
Income before income taxes and fixed charges, net
37,493
41,274
Fixed charges
    
   Interest expense
23,121
27,326
   Estimate of interest (1/3) within rental expense
184
173
   Interest on unrecognized tax benefits
525
425
Total fixed charges
23,830
27,924
Ratio of Earnings to Fixed Charges
1.57
1.48
     
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits):
    
Earnings:
    
   Income before income taxes
$13,663
$13,350
   Add:  Fixed charges, net
14,674
14,997
Income before income taxes and fixed charges, net
28,337
28,347
Fixed charges
    
   Interest expense (excluding deposits)
13,965
14,399
   Estimate of interest (1/3) within rental expense
184
173
   Interest on unrecognized tax benefits
525
425
Total fixed charges
14,674
14,997
Ratio of Earnings to Fixed Charges
1.93
1.89
 
 
 
                 Nine Months Ended September 30,          
 
2009  
2008  
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits):
    
Earnings:
    
   Income before income taxes
$28,079
$34,810
   Add:  Fixed charges, net
77,871
83,743
Income before income taxes and fixed charges, net
105,950
118,553
Fixed charges
    
   Interest expense
$76,806
$82,843
   Estimate of interest (1/3) within rental expense
540
475
   Interest on unrecognized tax benefits
525
425
Total fixed charges
77,871
83,743
Ratio of Earnings to Fixed Charges
1.36
1.42
     
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits):
    
Earnings:
    
   Income before income taxes
$28,079
$34,810
   Add:  Fixed charges, net
42,785
38,036
Income before income taxes and fixed charges, net
70,864
72,846
Fixed charges
    
   Interest expense (excluding deposits)
41,720
37,136
   Estimate of interest (1/3) within rental expense
540
475
   Interest on unrecognized tax benefits
525
425
Total fixed charges
42,785
38,036
Ratio of Earnings to Fixed Charges
1.66
1.92