EX-12 8 exhibit12-ratioofearningst.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 - Ratio of earnings to fixed charges 2013


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.
(Dollar amounts in thousands)
 
Year ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
185,391

 
$
225,482

 
$
303,769

 
$
395,961

 
$
191,496

Portion of rents representative of an interest factor
 
19,468

 
19,568

 
19,285

 
19,886

 
19,720

Fixed charges excluding interest on deposits
 
204,859

 
245,050

 
323,054

 
415,847

 
211,216

Interest on deposits
 
59,686

 
81,300

 
128,627

 
196,495

 
426,298

Fixed charges including interest on deposits
 
$
264,545

 
$
326,350

 
$
451,681

 
$
612,342

 
$
637,514

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
185,391

 
$
225,482

 
$
303,769

 
$
395,961

 
$
191,496

Portion of rents representative of an interest factor
 
19,468

 
19,568

 
19,285

 
19,886

 
19,720

Preferred stock dividend requirement
 
147,281

 
265,450

 
274,928

 
122,884

 
102,969

Fixed charges and preferred stock dividends excluding interest on deposits
 
352,140

 
510,500

 
597,982

 
538,731

 
314,185

Interest on deposits
 
59,686

 
81,300

 
128,627

 
196,495

 
426,298

Fixed charges and preferred stock dividends including interest on deposits
 
$
411,826

 
$
591,800

 
$
726,609

 
$
735,226

 
$
740,483

 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
406,432

 
$
541,566

 
$
521,273

 
$
(403,168
)
 
$
(1,623,020
)
Equity in undistributed earnings of unconsolidated subsidiaries
 
(11,066
)
 
(13,983
)
 
(5,956
)
 
(6,757
)
 
(6,785
)
Fixed charges excluding interest on deposits
 
204,859

 
245,050

 
323,054

 
415,847

 
211,216

Earnings excluding interest on deposits
 
600,225

 
772,633

 
838,371

 
5,922

 
(1,418,589
)
Interest on deposits
 
59,686

 
81,300

 
128,627

 
196,495

 
426,298

Earnings including interest on deposits
 
$
659,911

 
$
853,933

 
$
966,998

 
$
202,417

 
$
(992,291
)
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
2.93

 
3.15

 
2.60

 
 (a)

 
 (a)

Including interest on deposits
 
2.49

 
2.62

 
2.14

 
 (a)

 
 (a)

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
1.70

 
1.51

 
1.40

 
 (a)

 
 (a)

Including interest on deposits
 
1.60

 
1.44

 
1.33

 
 (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
)
Coverage deficiency – earnings to fixed charges and preferred stock dividends
 
 
 
 
 
 
 
(532,809
)
 
(1,732,774
)