EX-12.1 3 tayc-12312013xex121.htm FIXED RATIOS TAYC-12.31.2013-Ex 12.1


Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

 
2013
 
2012
 
2011
 
2010
 
2009
 
(thousands)
INCLUDING INTEREST ON DEPOSITS
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes and cumulative effect of change in accounting principle
$
99,881

 
$
103,646

 
$
18,005

 
$
(52,606
)
 
$
(30,716
)
Plus:
 
 
 
 
 
 
 
 
 
Total Fixed Charges (See below)
52,668

 
49,989

 
70,305

 
90,159

 
117,359

Less:
 
 
 
 
 
 
 
 
 
Preferred stock dividend (1)
(24,462
)
 
(10,788
)
 
(14,069
)
 
(14,922
)
 
(17,666
)
Total Earnings
$
128,087

 
$
142,847

 
$
74,241

 
$
22,631

 
$
68,977

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Total interest expense (2)
$
24,694

 
$
36,262

 
$
53,646

 
$
72,442

 
$
97,119

Interest included in operating lease rental expense (3)
3,512

 
2,939

 
2,590

 
2,795

 
2,574

Preferred stock dividend (1)
24,462

 
10,788

 
14,069

 
14,922

 
17,666

Total Fixed Charges
$
52,668

 
$
49,989

 
$
70,305

 
$
90,159

 
$
117,359

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.43
x
 
2.86
x
 
1.06
x
 
0.25
x
 
0.59
x
 
 
 
 
 
 
 
 
 
 
EXCLUDING INTEREST ON DEPOSITS
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes and cumulative effect of change in accounting principle
$
99,881

 
$
103,646

 
$
18,005

 
$
(52,606
)
 
$
(30,716
)
Plus:
 
 
 
 
 
 
 
 
 
Total Fixed Charges excluding interest on deposits (see below)
37,170

 
30,889

 
41,158

 
45,873

 
48,195

Less:
 
 
 
 
 
 
 
 
 
Preferred stock dividend (1)
(24,462
)
 
(10,788
)
 
(14,069
)
 
(14,922
)
 
(17,666
)
Total Earnings
$
112,589

 
$
123,747

 
$
45,094

 
$
(21,655
)
 
$
(187
)
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Total interest expense (2)
$
24,694

 
$
36,262

 
$
53,646

 
$
72,442

 
$
97,119

Interest included in operating lease rental expense (3)
3,512

 
2,939

 
2,590

 
2,795

 
2,574

Preferred stock dividend (1)
24,462

 
10,788

 
14,069

 
14,922

 
17,666

Less: interest expense on deposits
(15,498
)
 
(19,100
)
 
(29,147
)
 
(44,286
)
 
(69,164
)
Total Fixed Charges excluding interest expense on deposits
$
37,170

 
$
30,889

 
$
41,158

 
$
45,873

 
$
48,195

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
3.03
x
 
4.01
x
 
1.10
x
 
(0.47
)x
 
(0.00)x


(1) The stock dividend amount has been grossed up to compute the pretax income equivalent assuming as estimated 35% tax rate.
(2) Interest expense includes cash interest expense on deposits and other debt and amortization of debt issuance costs.
(3) Calculation of interest included in operating lease rental expense is representative of the interest factor attributable to the lease payment.