EX-12 10 exhibit12-ratioofearningst.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 - Ratio of earnings to fixed charges


EXHIBIT 12

RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

The following table sets forth certain information regarding our consolidated ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends. Fixed charges represent interest expense, a portion of rent expense representative of interest, trust-preferred securities related expense and amortization of debt issuance costs.
 
 
Year ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
225,482

 
$
303,769

 
$
395,961

 
$
191,496

 
$
281,993

Portion of rents representative of an interest factor
 
19,568

 
19,285

 
19,886

 
19,720

 
19,093

Fixed charges excluding interest on deposits
 
$
245,050

 
$
323,054

 
$
415,847

 
$
211,216

 
$
301,086

Interest on deposits
 
81,300

 
128,627

 
196,495

 
426,298

 
720,260

Fixed charges including interest on deposits
 
$
326,350

 
451,681

 
612,342

 
637,514

 
1,021,346

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
225,482

 
$
303,769

 
$
395,961

 
$
191,496

 
$
281,993

Portion of rents representative of an interest factor
 
19,568

 
19,285

 
19,886

 
19,720

 
19,093

Preferred stock dividend requirement
 
265,450

 
274,928

 
122,884

 
102,969

 
24,424

Fixed charges and preferred stock dividends excluding interest on deposits
 
510,500

 
597,982

 
538,731

 
314,185

 
325,510

Interest on deposits
 
81,300

 
128,627

 
196,495

 
426,298

 
720,260

Fixed charges and preferred stock dividends including interest on deposits
 
$
591,800

 
$
726,609

 
$
735,226

 
$
740,483

 
$
1,045,770

 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
541,566

 
$
521,273

 
$
(403,168
)
 
$
(1,623,020
)
 
$
(314,698
)
Equity in undistributed earnings of unconsolidated subsidiaries
 
(13,983
)
 
(5,956
)
 
(6,757
)
 
(6,785
)
 
(10,105
)
Fixed charges excluding interest on deposits
 
245,050

 
323,054

 
415,847

 
211,216

 
301,086

Earnings excluding interest on deposits
 
772,633

 
838,371

 
5,922

 
(1,418,589
)
 
(23,717
)
Interest on deposits
 
81,300

 
128,627

 
196,495

 
426,298

 
720,260

Earnings including interest on deposits
 
$
853,933

 
966,998

 
202,417

 
(992,291
)
 
696,543

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
3.15

 
2.60

 
 (a)

 
 (a)

 
 (a)

Including interest on deposits
 
2.62

 
2.14

 
 (a)

 
 (a)

 
 (a)

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
1.51

 
1.40

 
 (a)

 
 (a)

 
 (a)

Including interest on deposits
 
1.44

 
1.33

 
 (a)

 
 (a)

 
 (a)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Ratio is less than one; earnings are inadequate to cover fixed charges. The dollar amount of the coverage deficiency for the affected periods is presented is presented below. The amount is the same whether including or excluding interest on deposits:
 
 
 
 
 
 
 
 
 
 
Coverage deficiency – earnings to fixed charges
 
 
 
 
 
$
(409,925
)
 
$
(1,629,805
)
 
$
(324,803
)
Coverage deficiency – earnings to fixed charges and preferred stock dividends
 
 
 
 
 
(532,809
)
 
(1,732,774
)
 
(349,227
)