EX-12 8 exhibit12-ratioofearningst.htm RATIOS OF EARNINGS TO FIXED CHARGES AND FIXED CHARGES AND PREF DIVIDENDS Exhibit


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,
 
 
2015
 
2014
 
2013
 
2012
 
2011
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
68,651

 
$
123,175

 
$
185,391

 
$
225,482

 
$
303,769

Portion of rents representative of an interest factor
 
20,836

 
19,732

 
19,468

 
19,568

 
19,285

Fixed charges excluding interest on deposits
 
89,487

 
142,907

 
204,859

 
245,050

 
323,054

Interest on deposits
 
49,560

 
49,823

 
59,686

 
81,300

 
128,627

Fixed charges including interest on deposits
 
$
139,047

 
$
192,730

 
$
264,545

 
$
326,350

 
$
451,681

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense excluding deposits
 
$
68,651

 
$
123,175

 
$
185,391

 
$
225,482

 
$
303,769

Portion of rents representative of an interest factor
 
20,836

 
19,732

 
19,468

 
19,568

 
19,285

Preferred stock dividend requirement
 
91,778

 
112,123

 
147,281

 
265,450

 
274,928

Fixed charges and preferred stock dividends excluding interest on deposits
 
181,265

 
255,030

 
352,140

 
510,500

 
597,982

Interest on deposits
 
49,560

 
49,823

 
59,686

 
81,300

 
128,627

Fixed charges and preferred stock dividends including interest on deposits
 
$
230,825

 
$
304,853

 
$
411,826

 
$
591,800

 
$
726,609

 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
451,859

 
$
621,423

 
$
406,432

 
$
541,566

 
$
521,273

Equity in undistributed earnings of unconsolidated subsidiaries
 
(4,757
)
 
(7,996
)
 
(11,066
)
 
(13,983
)
 
(5,956
)
Fixed charges excluding interest on deposits
 
89,487

 
142,907

 
204,859

 
245,050

 
323,054

Earnings excluding interest on deposits
 
536,589

 
756,334

 
600,225

 
772,633

 
838,371

Interest on deposits
 
49,560

 
49,823

 
59,686

 
81,300

 
128,627

Earnings including interest on deposits
 
$
586,149

 
$
806,157

 
$
659,911

 
$
853,933

 
$
966,998

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
6.00

 
5.29

 
2.93

 
3.15

 
2.60

Including interest on deposits
 
4.22

 
4.18

 
2.49

 
2.62

 
2.14

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
 
2.96

 
2.97

 
1.70

 
1.51

 
1.40

Including interest on deposits
 
2.54

 
2.64

 
1.60

 
1.44

 
1.33