EX-12.1 3 d554145dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

     Six Months Ended
June 30,		      Year Ended December 31,  
      2013      2012      2012      2011     2010     2009     2008  
     (dollars in millions)  

Net income (loss) before income tax benefit (expense) and cumulative effect of changes in accounting principles

    $ 9,493      $ 3,507      $ 9,445      $ (5,666 )    $ (14,882 )    $ (22,384 )    $ (44,564 ) 

Add:

                  

Low-income housing tax credit partnerships

      —        —        —        —       —       4,155       453  

Total interest expense

      28,171        35,354        66,502        79,988       92,131       22,150       33,332  

Interest factor in rental expenses

      2        2        4        4       5       7       8  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss), as adjusted

    $ 37,666      $ 38,863      $ 75,951      $ 74,326     $ 77,254     $ 3,928     $ (10,771 ) 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

                  

Total interest expense

    $ 28,171      $ 35,354      $ 66,502      $ 79,988     $ 92,131     $ 22,150     $ 33,332  

Interest factor in rental expenses

      2        2        4        4       5       7       8  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 28,173      $ 35,356      $ 66,506      $ 79,992     $ 92,136     $ 22,157     $ 33,340  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Senior preferred stock and preferred stock dividends(1)

      11,328        3,612        7,229        6,498       5,749       4,105       675  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges including preferred stock dividends

    $ 39,501      $ 38,968      $ 73,735      $ 86,490     $ 97,885     $ 26,262     $ 34,015  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(2)

      1.34        1.10        1.14        —       —       —       —  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

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

      —        —        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 (loss), as adjusted by total fixed charges. For the ratio to equal 1.00, earnings (loss), as adjusted must increase by $5.7 billion, $14.9 billion, $18.2 billion, and $44.1 billion for the years ended December 31, 2011, 2010, 2009, and 2008, respectively.
(3) Ratio of earnings to combined fixed charges and preferred stock dividends is computed by dividing earnings (loss), as adjusted by total fixed charges including preferred stock dividends. For the ratio to equal 1.00, earnings (loss), as adjusted must increase by $1.8 billion, $105 million, $12.2 billion, $20.6 billion, $22.3 billion, and $44.8 billion for the six months ended June 30, 2013 and 2012 and for the years ended December 31, 2011, 2010, 2009, and 2008, respectively.