EX-12.1 3 ever-123112x10kex121.htm EXHIBIT EVER-12.31.12-10K Ex 12.1


Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The table below sets forth our consolidated ratios of earnings to fixed charges and preferred stock dividends for the periods presented:
 
Year Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
Excluding Interest on Deposits:
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
Interest expense (excluding interest on deposits)
$
52,977

 
$
38,899

 
$
45,758

 
$
55,514

 
$
66,520

Interest factor in rent expense
5,821

 
4,378

 
3,991

 
2,153

 
2,156

Dividends on preferred stock (2)
2,335

 
—

 
—

 
—

 
—

Total fixed charges
$
61,133

 
$
43,277

 
$
49,749

 
$
57,667

 
$
68,676

 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes
$
115,997

 
$
81,514

 
$
249,873

 
$
88,390

 
$
37,379

Fixed charges (1)
61,133

 
43,277

 
49,749

 
57,667

 
68,676

Dividends on preferred stock (2)
(2,335
)
 
—

 
—

 
—

 
—

Total Earnings
$
174,795

 
$
124,791

 
$
299,622

 
$
146,057

 
$
106,055

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges, excluding interest on deposits
2.9

 
2.9

 
6.0

 
2.5

 
1.5

 
 
 
 
 
 
 
 
 
 
Including Interest on Deposits:
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
Interest expense
$
141,762

 
$
135,910

 
$
147,167

 
$
163,210

 
$
202,620

Interest factor in rent expense
5,821

 
4,378

 
3,991

 
2,153

 
2,156

Dividends on preferred stock (2)
2,335

 
—

 
—

 
—

 
—

Total fixed charges
$
149,918

 
$
140,288

 
$
151,158

 
$
165,363

 
$
204,776

 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes
$
115,997

 
$
81,514

 
$
249,873

 
$
88,390

 
$
37,379

Fixed charges (1)
149,918

 
140,288

 
151,158

 
165,363

 
204,776

Dividends on preferred stock (2)
(2,335
)
 
—

 
—

 
—

 
—

Total Earnings
$
263,580

 
$
221,802

 
$
401,031

 
$
253,753

 
$
242,155

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges, including interest on deposits
1.8

 
1.6

 
2.7

 
1.5

 
1.2

(1)     Preferred share dividends paid on private shares are excluded.
(2)    Dividends on preferred stock have been grossed up by the effective tax rate for the period.
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) preference security dividend requirements of consolidated subsidiaries.
The term "earnings" is the amount resulting from adding and subtracting the following items. Add the following: (a) pre-tax income from continuing operations before adjustment for income or loss from equity investees; (b) fixed charges; (c) amortization of capitalized interest; (d) distributed income of equity investees; and (e) your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges. From the total of the added items, subtract the following: (a) interest capitalized; (b) preference security dividend requirements of consolidated subsidiaries; and (c) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.


1