EX-12.1 5 efccomputation-s32015.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
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.

 
Six Months Ended
June 30,
  
Year Ended December 31,
 
2015
  
2014
2013
2012
2011
2010
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Including Deposits):
Earnings:
    
 
 
 
 
 
   Income before income taxes
$39,219
  
$74,370
$72,889
$67,198
$78,897
$70,250
   Add:  Fixed charges, net
24,404
  
49,503
48,128
87,121
70,422
80,746
Income before income taxes and fixed charges, net
63,623
  
123,873
121,017
154,319
149,319
150,996
Fixed charges
 
  
 
 
 
 
 
   Interest expense
23,846
  
48,416
46,969
86,112
69,714
79,413
   Estimate of interest (1/3) within rental expense
558
  
1,087
1,159
1,009
708
656
   Interest on unrecognized tax benefits
- 
  
- 
- 
- 
- 
677
Total fixed charges
$24,404
  
49,503
48,128
87,121
70,422
80,746
Ratio of Earnings to Fixed Charges
2.61x
  
2.50x
2.51x
1.77x
2.12x
1.87x
 
    
 
 
 
 
 
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Excluding Deposits):
Earnings:
    
 
 
 
 
 
   Income before income taxes
$39,219
  
$74,370
$72,889
$67,198
$78,897
$70,250
   Add:  Fixed charges, net
13,514
  
29,912
28,201
64,333
44,291
31,324
Income before income taxes and fixed charges, net
52,733
  
104,282
101,090
131,531
123,188
101,574
Fixed charges
 
  
 
 
 
 
 
   Interest expense (excluding deposits)
12,956
  
28,825
27,042
43,583
43,583
29,991
   Estimate of interest (1/3) within rental expense
558
  
1,087
1,159
1,009
708
656
   Interest on unrecognized tax benefits
- 
  
- 
- 
- 
- 
677
Total fixed charges
13,514
  
29,912
28,201
44,592
44,291
31,324
Ratio of Earnings to Fixed Charges
3.90x
  
3.49x
3.58x
2.95x
2.78x
3.24x