EX-12 2 ex-12.htm EXHIBIT 12 EX-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. We issued Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share on November 21, 2008, which were then redeemed on May 27, 2009. In addition, we issued Noncumulative Perpetual Preferred Stock, Series B, par value $0.01 per share, on December 14, 2011, but did not declare any dividends in 2011. 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 nine months ended September 30, 2011 and the years ended December 31, 2011, 2010 and 2007. Our consolidated ratios for the periods indicated are as follows (amounts in thousands):

 
Nine months ended September 30,
 
Years ended December 31,
 
2012
 
2011
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before taxes
$
156,039

 
$
171,489

 
$
262,116

 
$
212,410

 
$
120,053

 
$
133,402

 
$
125,023

Fixed charges
128,430

 
143,567

 
195,400

 
153,739

 
128,725

 
174,661

 
200,727

Earnings, including interest on deposits
284,469

 
315,056

 
457,516

 
366,149

 
248,778

 
308,063

 
325,750

Less interest on deposits
49,747

 
61,716

 
83,237

 
71,150

 
73,551

 
118,683

 
159,371

Earnings, excluding interest on deposits
$
234,722

 
$
253,340

 
$
374,279

 
$
294,999

 
$
175,227

 
$
189,380

 
$
166,379

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
$
49,747

 
$
61,716

 
$
83,237

 
$
71,150

 
$
73,551

 
$
118,683

 
$
159,371

Interest on borrowings
71,753

 
72,951

 
100,823

 
76,684

 
52,807

 
53,878

 
39,223

Estimated interest component of rent expense
6,930

 
8,900

 
11,340

 
5,905

 
2,367

 
2,100

 
2,133

Fixed charges, including interest on deposits
128,430

 
143,567

 
195,400

 
153,739

 
128,725

 
174,661

 
200,727

Less interest on deposits
49,747

 
61,716

 
83,237

 
71,150

 
73,551

 
118,683

 
159,371

Fixed charges, excluding interest on deposits
78,683

 
81,851

 
112,163

 
82,589

 
55,174

 
55,978

 
41,356

Preferred stock dividend requirements
32,786

 
—

 
—

 
—

 
20,035

 
1,969

 
—

Combined fixed charges and preferred stock dividend requirements
$
111,469

 
$
81,851

 
$
112,163

 
$
82,589

 
$
75,209

 
$
57,947

 
$
41,356

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
2.98

 
3.10

 
3.34

 
3.57

 
3.18

 
3.38

 
4.02

Including interest on deposits
2.21

 
2.19

 
2.34

 
2.38

 
1.93

 
1.76

 
1.62

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividend requirements:
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
1.81

 
3.10

 
3.34

 
3.57

 
2.06

 
3.23

 
4.02

Including interest on deposits
1.56

 
2.19

 
2.34

 
2.38

 
1.54

 
1.73

 
1.62