EX-12 3 d265668dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

Statement of Computation of Ratios of Earnings to Fixed Charges and Preferred Dividends

 

     For the Year Ended December 31,  
     2011     2010     2009     2008     2007  

Loss from continuing operations, before income tax

    $ (180,722 )    $ (372,709 )    $ (441,670 )    $ (423,367 )    $ (58,814 ) 
  

 

 

  

Fixed charges:

           

Interest on short-term borrowings

      16,515        4,375        4,676        32,722        120,075   

Interest on long-term debt

      107,975        163,051        231,615        240,040        218,126   

Preferred dividends

      11,629        13,333        12,259        —          —     
  

 

 

  

Combined fixed charges, excluding interest on deposits

      136,119        180,759        248,550        272,762        338,201   

Interest on deposits

      95,546        154,692        241,507        282,710        357,430   
  

 

 

  

Combined fixed charges, including interest on deposits

    $ 231,665      $ 335,451      $ 490,057      $ 555,472      $ 695,631   
  

 

 

  

Ratio of earnings to combined fixed charges and preferred stock dividend requirements:

           

Excluding interest on deposits

      (1 )      (1 )      (1 )      (1 )      (1 ) 

Including interest on deposits

      (1 )      (1 )      (1 )      (1 )      (1 ) 

 

(1) Earnings were insufficient to meet fixed charges and preferred stock dividends by approximately $180.7 million, $372.7 million, $441.7 million, $423.4 million, and $58.8 million for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively.

We did not pay preferred stock dividends 2006 through 2008. Payments of $11.6 million, $13.3 million and $12.3 million were made on our Series C preferred stock during the years ended December 31, 2011, 2010 and 2009, respectively.

For the purpose of computing the consolidated ratio of earnings to fixed charges, “earnings” consist of income before income taxes and extraordinary items plus fixed charges. “Fixed charges” consist of interest on short-term and long-term debt and where indicated, interest on deposits. For the years ended December 31, 2011, 2010 and 2009, fixed charges also includes preferred stock dividends. We did not pay any preferred stock dividends prior to 2009. The ratios are based solely on historical financial information, and no pro forma adjustments have been made thereto.