EX-12.1 4 etfc-20151231xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratio to earnings to fixed charges)

 
For the Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
191

 
$
314

 
$
349

 
$
453

 
$
488

Amortization of debt issue expense
2

 
4

 
3

 
13

 
2

Estimated interest within rental expense
8

 
7

 
7

 
7

 
7

Total fixed charges
$
201


$
325

 
$
359

 
$
473

 
$
497

 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes less equity in income (loss) of investments
$
84

 
$
449

 
$
191

 
$
(132
)
 
$
187

Fixed charges
201


325

 
359

 
473

 
497

Earnings
$
285


$
774

 
$
550

 
$
341

 
$
684

Ratio of earnings to fixed charges
$
1.42

 
$
2.39

 
$
1.53

 
$
0.72

 
$
1.38

Excess (deficiency) of earnings to fixed charges
$
84


$
449

 
$
191

 
$
(132
)
 
$
187

The ratio of earnings to fixed charges is computed by dividing fixed charges into income (loss) before income taxes less equity in the income (loss) of investments plus fixed charges. Fixed charges include, as applicable, interest expense, amortization of debt issuance costs, the estimated interest component of rent expense (calculated as one-third of net rent expense) and the preference securities dividend requirement of consolidated subsidiaries.