EX-12 2 c22587exv12.htm EXHIBIT 12 Exhibit 12
Exhibit 12
Ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends
Our ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends are calculated in accordance with SEC requirements and computed by dividing earnings by fixed charges and earnings by preferred stock dividend requirements. For purposes of computing these ratios, earnings consist of net income before extraordinary items plus applicable income taxes and fixed charges. Fixed charges, excluding interest on deposits, consist of interest expense on borrowings and one-third of our rental expense, which we deem to represent interest. Preferred share dividend requirements represent the amount of pre-tax income required to pay the dividends on preferred shares. Before we issued the Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Shares”), on November 21, 2008, we had had no preferred shares outstanding during the period presented. The Series A Preferred Shared were redeemed on May 27, 2009. Therefore, the ratio of earnings to combined fixed charges and preferred share dividends is identical to the ratio of earnings to fixed charges for the years ended December 31, 2006, 2007 and 2010. Our consolidated ratios for the periods indicated are as follows (amounts in thousands):
                                                         
    Nine months ended September 30,     Years ended December 31,  
    2011     2010     2010     2009     2008     2007     2006  
Earnings:
                                                        
Income before taxes
   $ 171,489     $ 143,584     $ 212,410     $ 120,053     $ 133,402     $ 125,023     $ 139,392  
Fixed charges
     143,567       114,519       153,739       128,725       174,661       200,727       171,249  
 
                                          
Earnings, including interest on deposits
     315,056       258,103       366,149       248,778       308,063       325,750       310,641  
Less interest on deposits
     61,716       54,325       71,150       73,551       118,683       159,371       132,185  
 
                                          
Earnings, excluding interest on deposits
   $ 253,340     $ 203,778     $ 294,999     $ 175,227     $ 189,380     $ 166,379     $ 178,456  
 
                                          
 
                                                        
Fixed charges:
                                                        
Interest on deposits
   $ 61,716     $ 54,325     $ 71,150     $ 73,551     $ 118,683     $ 159,371     $ 132,185  
Interest on borrowings
     72,951       55,737       76,684       52,807       53,878       39,223       37,164  
Estimated interest component of rent expense
     8,900       4,457       5,905       2,367       2,100       2,133       1,900  
 
                                          
Fixed charges, including interest on deposits
     143,567       114,519       153,739       128,725       174,661       200,727       171,249  
Less interest on deposits
     61,716       54,325       71,150       73,551       118,683       159,371       132,185  
 
                                          
Fixed charges, excluding interest on deposits
     81,851       60,194       82,589       55,174       55,978       41,356       39,064  
Preferred stock dividend requirements
     —       —       —       20,035       1,969       —       —  
 
                                          
Combined fixed charges and preferred stock dividend requirements
   $ 81,851     $ 60,194     $ 82,589     $ 75,209     $ 57,947     $ 41,356     $ 39,064  
 
                                          
 
                                                        
Ratio of earnings to fixed charges:
                                                        
Excluding interest on deposits
     3.10       3.39       3.57       3.18       3.38       4.02       4.57  
Including interest on deposits
     2.19       2.25       2.38       1.93       1.76       1.62       1.81  
 
                                                        
Ratio of earnings to combined fixed charges and preferred stock dividend requirements:
                                                        
Excluding interest on deposits
     3.10       3.39       3.57       2.06       3.23       4.02       4.57  
Including interest on deposits
     2.19       2.25       2.38       1.54       1.73       1.62       1.81