EX-12.(A) 5 ex-12a12311510k.htm EXHIBIT 12.(A) Exhibit


 
 
 
 
 
 
 
 
Exhibit 12(a)
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Ratios of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
(Dollars in thousands)
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
Earnings:(1)
 
 
 
 
 
 
 
 
 
 
Income (loss) before income tax expense (benefit)
 
$
314,695

 
$
281,382

 
$
243,045

 
$
(339,555
)
 
$
178,828

Fixed charges
 
83,464

 
70,145

 
73,726

 
116,471

 
249,743

Other adjustments(2) 
 
(8,777
)
 
(7,487
)
 
(6,920
)
 
(6,070
)
 
(4,874
)
Total earnings (loss) (a)
 
$
389,382

 
$
344,040

 
$
309,851

 
$
(229,154
)
 
$
423,697

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:(1)
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
$
48,226

 
$
38,385

 
$
36,604

 
$
40,987

 
$
45,108

Interest on borrowings
 
23,316

 
20,215

 
25,312

 
63,617

 
193,155

Interest portion of rental expense(3)
 
11,707

 
11,349

 
11,785

 
11,847

 
11,462

Other adjustments(4) 
 
215

 
196

 
25

 
20

 
18

Total fixed charges (b)
 
$
83,464

 
$
70,145

 
$
73,726

 
$
116,471

 
$
249,743

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (a/b)(5)
 
4.67
x
 
4.90
x
 
4.20
x
 
—

 
1.70
x
 
 
 
 
 
 
 
 
 
 
 
Earnings, excluding interest on deposits:
 
 
 
 
 
 
 
 
 
 
Total earnings (loss)
 
$
389,382

 
$
344,040

 
$
309,851

 
$
(229,154
)
 
$
423,697

Less: Interest on deposits
 
48,226

 
38,385

 
36,604

 
40,987

 
45,108

Total earnings (loss) excluding interest on deposits (c)
 
$
341,156

 
$
305,655

 
$
273,247

 
$
(270,141
)
 
$
378,589

 
 
 
 
 
 
 
 
 
 
 
Fixed charges, excluding interest on deposits:
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
83,464

 
$
70,145

 
$
73,726

 
$
116,471

 
$
249,743

Less: Interest on deposits
 
48,226

 
38,385

 
36,604

 
40,987

 
45,108

Total fixed charges, excluding interest on deposits (d)
 
$
35,238

 
$
31,760

 
$
37,122

 
$
75,484

 
$
204,635

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges, excluding interest on deposits (c/d)(5)(6)
 
9.68
x
 
9.62
x
 
7.36
x
 
—

 
1.85
x
(1)
As defined in Item 503(d) of Regulation S-K.
(2)
For purposes of the "earnings" computation, other adjustments include adding the amortization of capitalized interest and subtracting interest capitalized and income attributable to non-controlling interests.
(3)
The appropriate portion of rental expense (generally one-third) deemed representative of the interest factor.
(4)
For purposes of the "fixed charges" computation, other adjustments include capitalized interest costs.
(5)
Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. Additional earnings of $345.6 million would have been needed to bring both the ratio of earnings to fixed charges and the ratio of earnings to fixed charges, excluding interest on deposits, to 1.0.
(6)
The ratio of earnings to fixed charges, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.