EX-12.1 2 exhibit12-1.htm COMPUTATION OF RATIO 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, the Company has 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,
   2010  2009  2008  2007  2006
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits):
          
Earnings:
          
   Income before income taxes
$70,250
$40,275
$42,187
$35,691
$47,644
   Add:  Fixed charges, net
                 80,746
99,027
112,434
112,254
93,812
Income before income taxes and fixed charges, net
               150,996
139,302
154,621
147,945
141,456
Fixed charges
          
   Interest expense
                 79,413
                  97,685
111,302
111,147
93,340
   Estimate of interest (1/3) within rental expense
                      656
787
652
598
472
   Interest on unrecognized tax benefits
                      677
555
480
509
-  
Total fixed charges
                 80,746
99,027
112,434
112,254
93,812
Ratio of Earnings to Fixed Charges
                     1.87
1.41
1.38
1.32
1.51
           
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits):
          
Earnings:
          
   Income before income taxes
$70,250
$40,275
$42,187
$35,691
$47,644
   Add:  Fixed charges, net
                 31,324
56,235
52,456
36,493
37,153
Income before income taxes and fixed charges, net
               101,574
96,510
94,643
72,184
84,797
Fixed charges
          
   Interest expense (excluding deposits)
                 29,991
54,893
51,324
35,386
36,681
   Estimate of interest (1/3) within rental expense
                      656
787
652
598
472
   Interest on unrecognized tax benefits
                      677
555
480
509
-  
Total fixed charges
                 31,324
56,235
52,456
36,493
37,153
Ratio of Earnings to Fixed Charges
                     3.24
1.72
1.80
1.98
2.28