EX-12.1 2 a6189739ex12_1.htm EXHIBIT 12.1 a6189739ex12_1.htm
Exhibit 12.1

Ratio of Earnings To Combined Fixed Charges And Preferred Stock Dividends

The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown (dollars in thousands):
 
   
For the Year
Ended
December 31,
2009
    
For the Year
Ended
December 31,
2008
    
For the Year
Ended
December 31,
2007
    
For the Year
Ended
December 31,
2006
    
For the Year
Ended
December 31,
2005
  
                               
Net income before taxes
   $ 1,961,471     $ 372,157     $ 423,254     $ 101,354     $ 1,497  
Add:  fixed charges (interest expense)
     1,295,762       1,888,912       1,926,465       1,055,013       568,560  
                                         
Earnings as adjusted
   $ 3,257,233     $ 2,261,069     $ 2,349,719     $ 1,156,367     $ 570,057  
                                         
Fixed charges (interest expense) +
preferred stock dividend
   $ 1,314,263     $ 1,910,089     $ 1,947,958     $ 1,074,570     $ 583,153  
                                         
Ratio of earnings to combined fixed
charges and preferred stock dividends
     2.48X       1.19X       1.21X       1.08X       0.98X(1)  
 
 
(1)
The dollar amount of the deficiency below a ratio of 1:1 is $13.1 million.