EX-12.1 2 exhibit12-1.htm COMPUTATION 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
    
Six Months Ended
  
   
June 30, 2010
    
June 30, 2009
    
June 30, 2010
    
June 30, 2009
  
Ratio of Earnings to Fixed Charges (Including Deposits)
              
Earnings:
                        
   Income before income taxes
   $ 16,037     $ 10,569     $ 32,175     $ 14,416  
   Add:  Fixed charges, net
     21,990       26,102       43,061       54,538  
Income before income taxes and fixed charges, net
     38,027       36,671       75,236       68,954  
Fixed charges
                                
   Interest expense
   $ 20,968       25,431     $ 41,784     $ 53,685  
   One-third of rental expense
     408       174       663       356  
   Interest on unrecognized tax benefits
     614       497       614       497  
Total fixed charges
     21,990       26,102       43,061       54,538  
Ratio of Earnings to Fixed Charges
     1.73       1.40       1.75       1.26  
                                 
Ratio of Earnings to Fixed Charges (Excluding Deposits)
                          
Earnings:
                                
   Income before income taxes
   $ 16,037     $ 10,569     $ 32,175     $ 14,416  
   Add:  Fixed charges, net
     13,980       14,384       27,458       28,608  
Income before income taxes and fixed charges, net
     30,017       24,953       59,633       43,024  
Fixed charges
                                
   Interest expense (excluding deposits)
     12,958       13,713       26,181       27,755  
   One-third of rental expense
     408       174       663       356  
   Interest on unrecognized tax benefits
     614       497       614       497  
Total fixed charges
     13,980       14,384       27,458       28,608  
Ratio of Earnings to Fixed Charges
     2.15       1.73       2.17       1.50