EX-12.1 3 exhibit121.htm exhibit121.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

(Dollars in thousands)

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

(110,489

)

$

(13,911

)

$

23,963

 

$

44,570

 

$

34,851

 

$

31,705

 

Fixed charges

 

 

34,809

 

 

50,117

 

 

69,754

 

 

50,974

 

 

27,327

 

 

18,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total (Loss) Earnings

 

$

(75,680

)

$

36,206

 

$

93,717

 

$

95,544

 

$

62,178

 

$

50,607

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on borrowings

 

 

8,981

 

 

11,147

 

 

13,434

 

 

8,999

 

 

5,933

 

 

6,900

 

One-third net rental expense (1)

 

 

1,386

 

 

1,421

 

 

1,284

 

 

1,048

 

 

897

 

 

787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges excluding interest expense on deposits

 

 

10,367

 

 

12,568

 

 

14,718

 

 

10,047

 

 

6,830

 

 

7,687

 

Interest expense on deposits

 

 

24,442

 

 

37,549

 

 

55,036

 

 

40,927

 

 

20,497

 

 

11,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

34,809

 

$

50,117

 

$

69,754

 

$

50,974

 

$

27,327

 

$

18,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(1) The proportion deemed representative of the interest factor.