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, 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,
  
   
2011
    
2010
    
2009
    
2008
    
2007
  
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits):
              
Earnings:
                              
   Income before income taxes
   $ 78,897     $ 70,250     $ 40,275     $ 42,187     $ 35,691  
   Add:  Fixed charges, net
     70,422       80,746       99,027       112,434       112,254  
Income before income taxes and fixed charges, net
     149,319       150,996       139,302       154,621       147,945  
Fixed charges
                                        
   Interest expense
   $ 69,714       79,413       97,685       111,302       111,147  
   Estimate of interest (1/3) within rental expense
     708       656       787       652       598  
   Interest on unrecognized tax benefits
     -       677       555       480       509  
Total fixed charges
     70,422       80,746       99,027       112,434       112,254  
Ratio of Earnings to Fixed Charges
     2.12       1.87       1.41       1.38       1.32  
                                         
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits):
                  
Earnings:
                                        
   Income before income taxes
   $ 78,897     $ 70,250     $ 40,275     $ 42,187     $ 35,691  
   Add:  Fixed charges, net
     44,291       31,324       56,235       52,456       36,493  
Income before income taxes and fixed charges, net
     123,188       101,574       96,510       94,643       72,184  
Fixed charges
                                        
   Interest expense (excluding deposits)
     43,583       29,991       54,893       51,324       35,386  
   Estimate of interest (1/3) within rental expense
     708       656       787       652       598  
   Interest on unrecognized tax benefits
     -        677       555       480       509  
Total fixed charges
     44,291       31,324       56,235       52,456       36,493  
Ratio of Earnings to Fixed Charges
     2.78       3.24       1.72       1.80       1.98