EX-12.1 3 j3853_ex12d1.htm EX-12.1 Exhibit 12

Exhibit 12.1

 

Computation of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements.

 

 

 

Three Months
Ended
March 31,

 

Year Ended December 31,

 

(dollars in thousands)

 

2002

 

2001

 

2000

 

1999

 

1998

 

1997

 

a. Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Including Interest on Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

$

11,297

 

$

233,747

 

$

1,139,992

 

$

930,762

 

$

490,563

 

$

311,300

 

Fixed charges

 

213,057

 

960,241

 

894,923

 

459,549

 

254,006

 

187,843

 

Earnings, for computation purposes

 

$

224,354

 

$

1,193,988

 

$

2,034,915

 

$

1,390,311

 

$

744,569

 

$

499,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

 

$

11,752

 

$

61,332

 

$

61,797

 

$

91,634

 

$

42,931

 

$

18,858

 

Interest on deposits

 

195,303

 

872,977

 

812,982

 

356,736

 

204,335

 

164,252

 

Portion of rents representative of the interest factor

 

6,002

 

25,932

 

20,144

 

11,179

 

6,740

 

4,733

 

Fixed charges, including interest on deposits, for computation purposes

 

$

213,057

 

$

960,241

 

$

894,923

 

$

459,549

 

$

254,006

 

$

187,843

 

Ratio of earnings to fixed charges, including interest on deposits

 

1.05

 

1.24

 

2.27

 

3.03

 

2.93

 

2.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding Interest on Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

$

11,297

 

$

233,747

 

$

1,139,992

 

$

930,762

 

$

490,563

 

$

311,300

 

Fixed charges

 

17,754

 

87,264

 

81,941

 

102,813

 

49,671

 

23,591

 

Earnings, for computation purposes

 

$

29,051

 

$

321,011

 

$

1,221,933

 

$

1,033,575

 

$

540,234

 

$

334,891

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

 

$

11,752

 

$

61,332

 

$

61,797

 

$

91,634

 

$

42,931

 

$

18,858

 

Portion of rents representative of the interest factor

 

6,002

 

25,932

 

20,144

 

11,179

 

6,740

 

4,733

 

Fixed charges, excluding interest on deposits, for computation purposes

 

$

17,754

 

$

87,264

 

$

81,941

 

$

102,813

 

$

49,671

 

$

23,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges, excluding interest on deposits

 

1.64

 

3.68

 

14.91

 

10.05

 

10.88

 

14.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b. Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Including Interest on Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

$

11,297

 

$

233,747

 

$

1,139,992

 

$

930,762

 

$

490,563

 

$

311,300

 

Fixed charges

 

213,057

 

960,241

 

894,923

 

459,549

 

254,006

 

187,843

 

Earnings, for computation purposes

 

$

224,354

 

$

1,193,988

 

$

2,034,915

 

$

1,390,311

 

$

744,569

 

$

499,143

 

Fixed Charges and Preferred Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Requirements

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

 

$

11,752

 

$

61,332

 

$

61,797

 

$

91,634

 

$

42,931

 

$

18,858

 

Interest on deposits

 

195,303

 

872,977

 

812,982

 

356,736

 

204,335

 

164,252

 

Portion of rents representative of the interest factor

 

6,002

 

25,932

 

20,144

 

11,179

 

6,740

 

4,733

 

Fixed charges, including interest on deposits, for computation purposes

 

$

213,057

 

$

960,241

 

$

894,923

 

$

459,549

 

$

254,006

 

$

187,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend requirements

 

-

 

-

 

-

 

-

 

-

 

1,636

 

Fixed charges and preferred stock dividend requirements, including interest on deposits, for computation purposes

 

$

213,057

 

$

960,241

 

$

894,923

 

$

459,549

 

$

254,006

 

$

189,479

 

Ratio of earnings to fixed charges and preferred stock dividend requirements, including interest on deposits

 

1.05

 

1.24

 

2.27

 

3.03

 

2.93

 

2.63

 

Excluding Interest On Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before income taxes

 

$

11,297

 

$

233,747

 

$

1,139,992

 

$

930,762

 

$

490,563

 

$

311,300

 

Fixed charges

 

17,754

 

87,264

 

81,941

 

102,813

 

49,671

 

23,591

 

Earnings, for computation purposes

 

$

29,051

 

$

321,011

 

$

1,221,933

 

$

1,033,575

 

$

540,234

 

$

334,891

 

Fixed Charges and Preferred Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Requirements

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

 

$

11,752

 

$

61,332

 

$

61,797

 

$

91,634

 

$

42,931

 

$

18,858

 

Portion of rents representative of the interest factor

 

6,002

 

25,932

 

20,144

 

11,179

 

6,740

 

4,733

 

Fixed charges, excluding interest on deposits, for computation purposes

 

$

17,754

 

$

87,264

 

$

81,941

 

$

102,813

 

$

49,671

 

$

23,591

 

Preferred stock dividend requirements

 

-

 

-

 

-

 

-

 

-

 

1,636

 

Fixed charges and preferred stock dividend requirements, excluding interest on deposits, for computation purposes

 

$

17,754

 

$

87,264

 

$

81,941

 

$

102,813

 

$

49,671

 

$

25,227

 

Ratio of earnings to fixed charges and preferred stock dividend requirements, excluding interest on deposits

 

1.64

 

3.68

 

14.91

 

10.05

 

10.88

 

13.28

 

 

(1) Preferred stock dividend requirements are adjusted to represent a pretax earnings equivalent.