EX-12.1 4 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,
 
   
2017
   
2016
 
 2015
 
 2014
 
 2013
 
Ratio of Earnings to Fixed Charges (Including Deposits)
 
Earnings:
                             
Income before income taxes
 
$
88,738
   
$
133,471
   
$
76,018
   
$
74,370
   
$
72,889
 
Add:  Fixed charges, net
   
61,613
     
53,732
     
47,454
     
49,503
     
48,128
 
Income before income taxes and fixed charges, net
   
150,351
     
187,203
     
123,472
     
123,873
     
121,017
 
Fixed charges
                                       
Interest expense
 
$
59,366
   
$
52,141
   
$
46,226
   
$
48,416
   
$
46,969
 
One-third of rental expense
   
2,247
     
1,591
     
1,228
     
1,087
     
1,159
 
Interest on unrecognized tax benefits
   
-
     
-
     
-
     
-
     
-
 
Total fixed charges
 
$
61,613
   
$
53,732
   
$
47,454
   
$
49,503
   
$
48,128
 
Ratio of Earnings to Fixed Charges
   
2.44
x
   
3.48
x
   
2.60
x
   
2.50
x
   
2.51
x

Ratio of Earnings to Fixed Charges (Including Deposits)
     
Earnings:
                             
Income before income taxes
 
$
88,738
   
$
133,471
   
$
76,018
   
$
74,370
   
$
72,889
 
Add:  Fixed charges, net
   
23,222
     
21,358
     
24,449
     
29,912
     
28,201
 
Income before income taxes and fixed charges, net
   
111,960
     
154,829
     
100,467
     
104,282
     
101,090
 
Fixed charges
                                       
Interest expense
 
$
20,975
   
$
19,767
   
$
23,221
   
$
28,825
   
$
27,042
 
One-third of rental expense
   
2,247
     
1,591
     
1,228
     
1,087
     
1,159
 
Interest on unrecognized tax benefits
   
-
     
-
     
-
     
-
     
-
 
Total fixed charges
 
$
23,222
   
$
21,358
   
$
24,449
   
$
29,912
   
$
28,201
 
Ratio of Earnings to Fixed Charges
   
4.82
x
   
7.25
x
   
4.11
x
   
3.49
x
   
3.58
x