EX-12 3 a2218419zex-12.htm EX-12
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Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in thousands, except ratios)

 
   Year Ended December 31,  
 
   2013   2012   2011   2010   2009  

Excluding interest on deposits

                                

Income before income taxes

  
$
327,135		  
$
307,955		  
$
253,616		  
$
161,152		  
$
50,163		  

Equity investee income

     (16,650 )   (11,000 )   (12,720 )   (10,207 )   (3,545 )

Equity investee distributions

     9,698     8,234     9,428     8,084     2,827  

Preferred dividends of consolidated subsidiaries

     —     —     (2,885 )   (3,681 )   (3,725 )

Fixed charges:

                                

Interest expense (1)

     44,466     41,881     36,831     52,036     24,319  

Interest within rental expense        

     16,095     15,195     13,015     13,149     12,286  

Preferred dividends of consolidated subsidiaries

     —     —     2,885     3,681     3,725  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 60,561   $ 57,076   $ 52,731   $ 68,866   $ 40,330  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings and fixed charges

   $ 380,744   $ 362,265   $ 300,170   $ 224,214   $ 86,050  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed charges, as above

   $ 60,561   $ 57,076   $ 52,731   $ 68,866   $ 40,330  

Preferred stock dividends

     16,547     —     —     3,008     34,285  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges including preferred stock dividends

   $ 77,108   $ 57,076   $ 52,731   $ 71,874   $ 74,615  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of earnings to fixed charges and preferred stock dividend requirements

     4.94     6.35     5.69     3.12     1.15  

Including interest on deposits

    
 		    
 		    
 		    
 		    
 		  

Total earnings and fixed charges, as above

  
$
380,744		  
$
362,265		  
$
300,170		  
$
224,214		  
$
86,050		  

Add: Interest on deposits

     11,114     14,042     33,685     49,030     60,429  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings, fixed charges and interest on deposits

   $ 391,858   $ 376,307   $ 333,855   $ 273,244   $ 146,479  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed charges, including preferred stock dividends, as above

   $ 77,108   $ 57,076   $ 52,731   $ 71,874   $ 74,615  

Add: Interest on deposits

     11,114     14,042     33,685     49,030     60,429  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges including preferred stock dividends and interest on deposits        

   $ 88,222   $ 71,118   $ 86,416   $ 120,904   $ 135,044  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of earnings to fixed charges and preferred stock dividend requirements

     4.44     5.29     3.86     2.26     1.08  
(1)
Includes interest expense on uncertain tax positions.



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Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements (in thousands, except ratios)