EX-12.1 3 dex121.htm COMPUTATION OF RATIO EARNINGS Computation of Ratio Earnings

EXHIBIT 12.1

Boston Private Financial Holding, Inc.

Calculation of ratio of Earnings to Fixed Charges and Preferred Dividends

(Dollars in thousands)

 

     Nine Months
Ended
September 30,
2008		     2007    2006    2005    2004    2003

INCLUDING INTEREST ON DEPOSITS EARNINGS:

                 

Add

                 

Pre tax income/(loss) before adjustments for minority interest, and income/(loss) from equity investees

    (410,130 )   18,681    85,192    70,063    48,444    30,685

Fixed charges from below

    137,258     187,856    131,079    64,662    34,404    27,143

Distributed income of equity investees

    —       1,388    1,180    880    415    —  
                              

EARNINGS

    (272,872 )   207,925    217,451    135,605    83,263    57,828

FIXED CHARGES AND PREFERRED DIVIDENDS:

                 

Interest expense

    130,539     181,774    126,519    61,251    32,066    24,915

Interest portion of fixed rentals (1)

    —       —      —      —      —      —  

Amortization premiums, discounts and capitalized expenses related to indebtedness

    2,240     868    99    96    47    —  

Estimate of the interest within rental expense

    4,343     5,214    4,461    3,315    2,291    2,228

Preferred Dividends

    136     —      —      —      —      —  
                              

Total fixed charges and Preferred Dividends

    137,258     187,856    131,079    64,662    34,404    27,143
                              

Ratio of Earnings to Fixed Charges and Preferred Dividends

    (1.99 )   1.11    1.66    2.10    2.42    2.13

EXCLUDING INTEREST ON DEPOSITS EARNINGS:

                 

Add

                 

Pre tax income/(loss) before adjustments for minority interest, and income/(loss) from equity investees

    (410,130 )   18,681    85,192    70,063    48,444    30,685

Fixed charges from below

    56,465     64,711    43,815    25,026    14,944    11,414

Distributed income of equity investees

    —       1,388    1,180    880    415    —  
                              

EARNINGS

    (353,665 )   84,780    130,187    95,969    63,803    42,099

FIXED CHARGES AND PREFERRED DIVIDENDS:

                 

Interest excluding interest on deposits

    49,746     58,629    39,255    21,615    12,606    9,186

Interest portion of fixed rentals (1)

    —       —      —      —      —      —  

Amortization premiums, discounts and capitalized expenses related to indebtedness

    2,240     868    99    96    47    —  

Estimate of the interest within rental expense

    4,343     5,214    4,461    3,315    2,291    2,228

Preferred Dividends

    136     —      —      —      —      —  

Total fixed charges and Preferred Dividends

    56,465     64,711    43,815    25,026    14,944    11,414
                              

Ratio of Earnings to Fixed Charges and Preferred Dividends Excluding Interest on Deposits

    (6.26 )   1.31    2.97    3.83    4.27    3.69

 

(1)

The Company is not a party to any capital leases; therefore, this item is not applicable. All leases are operating leases.