EX-12.1 2 ex12-112.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.
 
 
 
                     
 
2014
  
2013
  
2012
  
2011
  
2010
  
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits):
          
Earnings:
                    
Income before income taxes
 $           74,370
  
 $              67,198
  
 $          78,897
  
 $     70,250
  
 $     40,275
  
Add: Fixed charges, net
49,503
  
87,121
  
70,422
  
80,746
  
99,027
  
Income before income taxes and fixed charges, net
123,873
  
154,319
  
149,319
  
150,996
  
139,302
  
Fixed charges
                    
Interest expense
48,416
  
86,112
  
69,714
  
79,413
  
97,685
  
Estimate of interest (1/3) within rental expense
1,087
  
1,009
  
708
  
656
  
787
  
Interest on unrecognized tax benefits
-
  
-
  
-
  
677
  
555
  
Total fixed charges
49,503
  
87,121
  
70,422
  
80,746
  
99,027
  
Ratio of Earnings to Fixed Charges
                  2.50
x
1.77
x
2.12
x
1.87
x
1.41
x
                     
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits):
          
Earnings:
                    
Income before income taxes
 $           74,370
  
 $              67,198
  
 $          78,897
  
 $     70,250
  
 $     40,275
  
Add: Fixed charges, net
29,912
  
64,333
  
44,291
  
31,324
  
56,235
  
Income before income taxes and fixed charges, net
104,282
  
131,531
  
123,188
  
101,574
  
96,510
  
Fixed charges
                    
Interest expense (excluding deposits)
28,825
  
43,583
  
43,583
  
29,991
  
54,893
  
Estimate of interest (1/3) within rental expense
1,087
  
1,009
  
708
  
656
  
787
  
Interest on unrecognized tax benefits
-
  
-
  
-
  
677
  
555
  
Total fixed charges
29,912
  
44,592
  
44,291
  
31,324
  
56,235
  
Ratio of Earnings to Fixed Charges
                  3.49
x
2.95
x
2.78
x
3.24
x
1.72
x