EX-12.1 3 a20162q10qex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
 
 
Year Ended December 31,
  
YTD 2016
 
YTD 2015
 
2015
 
2014
 
2013
 
2012
 
2011
 
(dollars in millions)
Net income (loss) before income tax (expense) benefit and cumulative effect of changes in accounting principles
$
951

 
$
6,866

 
$
9,274

 
$
11,002

 
$
25,363

 
$
9,445

 
$
(5,666
)
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
26,169

 
25,716

 
51,916

 
54,916

 
55,779

 
66,502

 
79,988

Interest factor in rental expenses
1

 
1

 
2

 
5

 
4

 
4

 
4

Earnings, as adjusted
$
27,121


$
32,583


$
61,192

 
$
65,923

 
$
81,146

 
$
75,951

 
$
74,326

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
$
26,169

 
$
25,716

 
$
51,916

 
$
54,916

 
$
55,779

 
$
66,502

 
$
79,988

Interest factor in rental expenses
1

 
1

 
2

 
5

 
4

 
4

 
4

Total fixed charges
$
26,170


$
25,717


$
51,918

 
$
54,921

 
$
55,783

 
$
66,506

 
$
79,992

Senior preferred stock and preferred stock dividends(1)
2,597

 
1,597

 
5,510

 
19,610

 
47,591

 
7,229

 
6,498

Total fixed charges including preferred stock dividends
$
28,767


$
27,314


$
57,428

 
$
74,531

 
$
103,374

 
$
73,735

 
$
86,490

Ratio of earnings to fixed charges(2)
1.04


1.27


1.18

 
1.20

 
1.45

 
1.14

 
—

Ratio of earnings to combined fixed charges and preferred stock dividends(3)
—


1.19


1.07

 
—

 
—

 
1.03

 
—

 
(1)
Senior preferred stock and preferred stock dividends represent pre-tax earnings required to cover any senior preferred stock and preferred stock dividend requirements computed using our effective tax rate, whenever there is an income tax provision, for the relevant periods.
(2)
Ratio of earnings to fixed charges is computed by dividing earnings, as adjusted by total fixed charges. For the ratio to equal 1.00, earnings, as adjusted must increase by $5.7 billion for the year ended December 31, 2011.
(3)
Ratio of earnings to combined fixed charges and preferred stock dividends is computed by dividing earnings, as adjusted by total fixed charges including preferred stock dividends. For the ratio to equal 1.00, earnings, as adjusted must increase by $1.6 billion, $8.6 billion, $22.2 billion, and $12.2 billion for the YTD 2016 and for the years ended December 31, 2014, 2013 and 2011, respectively.