EX-12.1 3 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,
  
 
  
2012
    
2011
    
2010
    
2009
    
2008
 
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits):
    
   
 
Earnings:
  
   
   
   
   
 
   Income before income taxes
  
$
67,198
    
$
78,897
    
$
70,250
    
$
40,275
    
$
42,187
  
   Add:  Fixed charges, net
    
87,121
      
70,422
      
80,746
      
99,027
      
112,434
  
Income before income taxes and fixed charges, net
    
154,319
      
149,319
      
150,996
      
139,302
      
154,621
  
Fixed charges
                                        
   Interest expense
  
$
86,112
      
69,714
      
79,413
      
97,685
      
111,302
  
   Estimate of interest (1/3) within rental expense
    
1,009
      
708
      
656
      
787
      
652
  
   Interest on unrecognized tax benefits
    
-
      
-
      
677
      
555
      
480
  
Total fixed charges
    
87,121
      
70,422
      
80,746
      
99,027
      
112,434
  
Ratio of Earnings to Fixed Charges
    
1.77
x
    
2.12
x
    
1.87
x
    
1.41
x
    
1.38
x
 
                                        
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits):
                  
Earnings:
                                        
   Income before income taxes
  
$
67,198
    
$
78,897
    
$
70,250
    
$
40,275
    
$
42,187
  
   Add:  Fixed charges, net
    
64,333
      
44,291
      
31,324
      
56,235
      
52,456
  
Income before income taxes and fixed charges, net
    
131,531
      
123,188
      
101,574
      
96,510
      
94,643
  
Fixed charges
                                        
   Interest expense (excluding deposits)
    
43,583
      
43,583
      
29,991
      
54,893
      
51,324
  
   Estimate of interest (1/3) within rental expense
    
1,009
      
708
      
656
      
787
      
652
  
   Interest on unrecognized tax benefits
    
-
      
-
      
677
      
555
      
480
  
Total fixed charges
    
44,592
      
44,291
      
31,324
      
56,235
      
52,456
  
Ratio of Earnings to Fixed Charges
    
2.95
x
    
2.78
x
    
3.24
x
    
1.72
x
    
1.80
x