EX-12 3 exh12201010k.htm WTNY EXHIBIT 12 exh12201010k.htm
 
 
 

 
Exhibit 12
                              
                               
STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
                               
                               
WHITNEY HOLDING CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
                               
   
Years Ended December 31
(dollars in thousands)
  
2010
    
2009
    
2008
    
2007
    
2006
  
                               
Net income (loss)
   $ (141,766 )   $ (62,146 )   $ 58,585     $ 151,054     $ 144,645  
Income tax expense (benefit)
     (95,212 )     (49,866 )     19,138       74,310       69,164  
  Income (loss) before income taxes
   $ (236,978 )   $ (112,012 )   $ 77,723     $ 225,364     $ 213,809  
                                         
Fixed charges:
                                        
Interest on short-term and other borrowings
   $ 11,277     $ 12,521     $ 28,625     $ 33,314     $ 23,085  
Interest within rent expense (1)
     3,605       3,745       3,661       3,262       2,510  
Fixed charges excluding interest on deposits
     14,882       16,266       32,286       367,576       25,595  
Interest on deposits
     40,887       63,345       91,596       163,000       122,075  
Fixed charges including interest on deposits
   $ 55,769     $ 79,611     $ 123,882     $ 199,576     $ 147,670  
                                         
Preferred dividends (2)
   $ 15,000     $ 13,584       -       -       -  
                                         
Earnings (loss) for ratio computations:
                                        
  Excluding interest on deposits
   $ (222,096 )   $ (95,746 )   $ 51,424     $ 261,940     $ 239,404  
  Including interest on deposits
   $ (181,209 )   $ (32,401 )   $ 143,020     $ 424,940     $ 361,479  
                                         
Ratio of earnings to fixed charges: (3)
                                        
  Excluding interest on deposits
     -       -       3.41       7.16       9.35  
  Including interest on deposits
     -       -       1.63       2.13       2.45  
                                         
Ratio of earnings to fixed charges
                                        
  and preferred dividends: (3)
                                        
  Excluding interest on deposits
     -       -       3.41       7.16       9.35  
  Including interest on deposits
     -       -       1.63       2.13       2.45  
                                         
(1)   Estimated to be one-third of rent expense.
                                        
(2)   The Series A Preferred Stock was issued on December 19, 2008, but no dividends were declared or paid in 2008.
  
(3)   There were no earnings available to cover fixed charges and preferred stock dividends in 2010 or 2009. To cover
  
        fixed charges at a 1.0 ratio, Whitney needed additional earnings of $237 million in 2010 and $112 million in 2009.
  
       To cover fixed charges and preferred dividends at a 1.0 ratio, Whitney needed additional earnings of $252 million
  
       in 2010 and $126 million in 2009.