EX-12.(A) 5 a2223007zex-12_a.htm EX-12.(A)

Exhibit 12(a)

Consolidated Ratios of Earnings to Fixed Charges

    Year Ended December 31,    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Dollars in thousands)
   2014
   2013
   2012
   2011
   2010
   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings:(1)

                                  

Income (loss) before income tax expense (benefit)

   $ 281,382   $ 243,045   $ (339,555 ) $ 178,828   $ 244,415    

Fixed charges

     70,145     73,726     116,471     249,743     282,456    

Other adjustments(2)

     (7,487 )   (6,920 )   (6,070 )   (4,874 )   (3,381 )  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings (loss) (a)

   $ 344,040   $ 309,851   $ (229,154 ) $ 423,697   $ 523,490    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:(1)

                                  

Interest on deposits

   $ 38,385   $ 36,604   $ 40,987   $ 45,108   $ 61,229    

Interest on borrowings

     20,215     25,312     63,617     193,155     209,446    

Interest portion of rental expense(3)

     11,349     11,785     11,847     11,462     11,560    

Other adjustments(4)

     196     25     20     18     221    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges (b)

   $ 70,145   $ 73,726   $ 116,471   $ 249,743   $ 282,456    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges (a/b)(5)

    
4.90
x		  
4.20
x		  
–		    
1.70
x		  
1.85
x
 

Earnings, excluding interest on deposits:

    
 		    
 		    
 		    
 		    
 		  
 

Total earnings (loss)

   $ 344,040   $ 309,851   $ (229,154 ) $ 423,697   $ 523,490    

Less interest on deposits

     38,385     36,604     40,987     45,108     61,229    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings (loss) excluding interest on deposits (c)

   $ 305,655   $ 273,247   $ (270,141 ) $ 378,589   $ 462,261    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges, excluding interest on deposits:

                                  

Total fixed charges

   $ 70,145   $ 73,726   $ 116,471   $ 249,743   $ 282,456    

Less interest on deposits

     38,385     36,604     40,987     45,108     61,229    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges, excluding interest on deposits (d)

   $ 31,760   $ 37,122   $ 75,484   $ 204,635   $ 221,227    
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges, excluding interest on deposits (c/d)(5)(6)

    
9.62
x		  
7.36
x		  
–		    
1.85
x		  
2.09
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.