EX-12.1 5 ex12120150219.htm EXHIBIT 12.1 EX 12.1 2015.02.19


Exhibit 12.1
BOFI HOLDING, INC.
Ratio of Earnings to Fixed Charges(1) 
 
 
For the Three Months Ended
December 31,
 
For the Six Months Ended
December 31,
 
For the Year Ended June 30,
 
(Dollars in thousands, unaudited)
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2012
 
2011
 
2010
 
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
32,971

 
$
22,066

 
$
63,149

 
$
42,138

 
$
94,269

 
$
68,201

 
$
49,537

 
$
34,172

 
$
35,877

 
Fixed charges
 
3,091

 
2,990

 
6,131

 
5,910

 
12,192

 
13,123

 
14,123

 
12,901

 
14,848

 
Earnings
        
$
36,062

 
$
25,056

 
$
69,280

 
$
48,048

 
$
106,461

 
$
81,324

 
$
63,660

 
$
47,073

 
$
50,725

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on debt, including amortization of debt issuance costs
 
2,708

 
2,683

 
5,394

 
5,313

 
10,964

 
11,158

 
11,656

 
12,146

 
13,699

 
Dividends on preferred stock
 
132

 
131

 
263

 
263

 
524

 
1,417

 
2,157

 
524

 
1,037

 
Portion of long-term leases representative of the interest factor
 
251

 
176

 
474

 
334

 
704

 
548

 
310

 
231

 
112

 
Fixed Charges
(B)
$
3,091

 
$
2,990

 
$
6,131

 
$
5,910

 
$
12,192

 
$
13,123

 
$
14,123

 
$
12,901

 
$
14,848

 
Consolidated ratios of earnings to fixed charges, excluding interest on deposits(2)
(A)/(B)
11.67

x
8.38

x
11.30

x
8.13

x
8.73

x
6.20

x
4.51

x
3.65

x
3.42

x
INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
32,971

 
$
22,066

 
$
63,149

 
$
42,138

 
$
94,269

 
$
68,201

 
$
49,537

 
$
34,172

 
$
35,877

 
Fixed charges
 
11,353

 
8,707

 
21,637

 
17,232

 
37,009

 
35,991

 
39,012

 
35,177

 
36,102

 
Earnings
(C)
$
44,324

 
$
30,773

 
$
84,786

 
$
59,370

 
$
131,278

 
$
104,192

 
$
88,549

 
$
69,349

 
$
71,979

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
8,262

 
5,717

 
15,506

 
11,322

 
24,817

 
22,868

 
24,889

 
22,276

 
21,254

 
Interest on borrowings, including amortization of debt issuance costs
 
2,708

 
2,683

 
5,394

 
5,313

 
10,964

 
11,158

 
11,656

 
12,146

 
13,699

 
Dividends on preferred stock
 
132

 
131

 
263

 
263

 
524

 
1,417

 
2,157

 
524

 
1,037

 
Portion of long-term leases representative of the interest factor
 
251

 
176

 
474

 
334

 
704

 
548

 
310

 
231

 
112

 
Fixed Charges
(D)
$
11,353

 
$
8,707

 
$
21,637

 
$
17,232

 
$
37,009

 
$
35,991

 
$
39,012

 
$
35,177

 
$
36,102

 
Consolidated ratios of earnings to fixed charges, including interest on deposits(2)
(C)/(D)
3.90

x
3.53

x
3.92

x
3.45

x
3.55

x
2.89

x
2.27

x
1.97

x
1.99

x
PREFERRED DIVIDENDS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
(E)
$
32,971

 
$
22,066

 
$
63,149

 
$
42,138

 
$
94,269

 
$
68,201

 
$
49,537

 
$
34,172

 
$
35,877

 
Preferred dividends
 
$
78

 
$
77

 
$
155

 
$
155

 
$
309

 
$
835

 
$
1,271

 
$
309

 
$
611

 
Taxable equivalent preferred dividends assuming 41.07% tax rate
(F)
132

 
131

 
263

 
263

 
524

 
1,417

 
2,157

 
524

 
1,037

 
Consolidated ratios of earnings to preferred dividends(3)
(E)/(F)
249.10

x
168.88

x
240.09

x
160.21

x
179.78

x
48.13

x
22.97

x
65.17

x
34.60

x
(1)
The term “fixed charges” means the sum of the following: (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness, (c) an estimate of the interest within rental expense, and (d) preferred stock dividend requirements.
(2)
Interest expense on deposits is included in or excluded from the calculation of fixed charges used in the ratio of earnings to fixed charges as described on each line in the above table.
(3)
Equals the ratio of earnings to preferred-stock dividend charges and excludes all other fixed charges (items (a)—(c) described in footnote 1 above).