EX-12.1 6 ex12_1.htm EXHIBIT 12.1
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 consolidated ratio of earnings to fixed charged and preferred stock dividends (“Ratio”) is a non-GAAP measure. The following table sets forth the Ratio 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.

  
For the year ended December 31,
   
2016
    
2015
    
2014
    
2013
    
2012
Ratio of Earnings to Fixed Charges (Including Deposits)
                      
Earnings:
                              
Income before income taxes
  
$
133,471
    
$
76,018
    
$
74,370
    
$
72,889
    
$
67,198
  
Add:  Fixed charges, net
    
53,732
      
47,454
      
49,503
      
48,128
      
87,121
  
Income before income taxes and fixed charges, net
    
187,203
      
123,472
      
123,873
      
121,017
      
154,319
  
Fixed charges
                                        
Interest expense
  
$
52,141
    
$
46,226
    
$
48,416
    
$
46,969
    
$
86,112
  
One-third of rental expense
    
1,591
      
1,228
      
1,087
      
1,159
      
1,009
  
Interest on unrecognized tax benefits
    
-
      
-
      
-
      
-
      
-
  
Total fixed charges
  
$
53,732
    
$
47,454
    
$
49,503
    
$
48,128
    
$
87,121
  
Ratio of Earnings to Fixed Charges
    
3.48
x
    
2.60
x
    
2.50
x
    
2.51
x
    
1.77
x

Ratio of Earnings to Fixed Charges (Including Deposits)
  
Earnings:
                              
Income before income taxes
  
$
133,471
    
$
76,018
    
$
74,370
    
$
72,889
    
$
67,198
  
Add:  Fixed charges, net
    
21,358
      
24,449
      
29,912
      
28,201
      
64,333
  
Income before income taxes and fixed charges, net
    
154,829
      
100,467
      
104,282
      
101,090
      
131,531
  
Fixed charges
                                        
Interest expense
  
$
19,767
    
$
23,221
    
$
28,825
    
$
27,042
    
$
43,583
  
One-third of rental expense
    
1,591
      
1,228
      
1,087
      
1,159
      
1,009
  
Interest on unrecognized tax benefits
    
-
      
-
      
-
      
-
      
-
  
Total fixed charges
  
$
21,358
    
$
24,449
    
$
29,912
    
$
28,201
    
$
44,592
  
Ratio of Earnings to Fixed Charges
  
7.25
x
    
4.11
x
    
3.49
x
    
3.58
x
    
2.95
x