EX-12.1 3 bkq4201410-kex121.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK D BK Q4 2014 10-K EX12.1


Exhibit 12.1




COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

The Bank of New York Mellon Corporation

 
 
Year ended Dec. 31,
(dollar amounts in millions)
 
2014

2013

2012

2011

2010

Earnings
 
 
 
 
 
 
Income from continuing operations before income taxes (a)
 
$
3,563

$
3,777

$
3,357

$
3,685

$
3,754

Net (income) attributable to noncontrolling interests
 
(84
)
(81
)
(78
)
(53
)
(63
)
Income from continuing operations before income taxes attributable to shareholders of The Bank of New York Mellon Corporation (a)
 
3,479

3,696

3,279

3,632

3,691

Fixed charges, excluding interest on deposits
 
380

349

484

480

519

Income from continuing operations before income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation (a)
 
3,859

4,045

3,763

4,112

4,210

Interest on deposits
 
83

105

154

241

131

Income from continuing operations before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation (a)
 
$
3,942

$
4,150

$
3,917

$
4,353

$
4,341

Fixed charges
 
 
 
 
 
 
Interest expense, excluding interest on deposits
 
$
271

$
238

$
380

$
363

$
414

One-third net rental expense (b)
 
109

111

104

117

105

Total fixed charges, excluding interest on deposits
 
380

349

484

480

519

Interest on deposits
 
83

105

154

241

131

Total fixed charges, including interests on deposits
 
$
463

$
454

$
638

$
721

$
650

Preferred stock dividends
 
$
73

$
64

$
18

$
—

$
—

Total fixed charges and preferred stock dividends, excluding interest on deposits
 
$
453

$
413

$
502

$
480

$
519

Total fixed charges and preferred stock dividends, including interest on deposits
 
$
536

$
518

$
656

$
721

$
650

 
 
 
 
 
 
 
Earnings to fixed charges ratios (a)
 
 
 
 
 
 
Excluding interest on deposits
 
10.16

11.59

7.77

8.57

8.11

Including interest on deposits
 
8.51

9.14

6.14

6.04

6.68

 
 
 
 
 
 
 
Earnings to fixed charges and preferred stock dividends ratios (a)(c)
 
 
 
 
 
 
Excluding interest on deposits
 
8.52

9.79

7.50

8.57

8.11

Including interest on deposits
 
7.35

8.01

5.97

6.04

6.68

(a)
Results for years ended Dec. 31, 2013, Dec. 31, 2012, Dec. 31, 2011 and Dec. 31, 2010 were restated to reflect the retrospective application of adopting new accounting guidance in 2014 related to our investments in qualified affordable housing projects (ASU 2014-01). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b)    The proportion deemed representative of the interest factor.
(c)
Dividends were paid in 2014, 2013 and 2012 on the Series A and Series C preferred stock, which were issued in 2012. Dividends paid in 2014 and 2013 also include the Series D preferred stock, which was issued in 2013.