EX-12.02 7 dex1202.htm CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK Calculation of Ratio of Income to Fixed Charges Including Preferred Stock

Exhibit 12.02

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

INCLUDING PREFERRED STOCK DIVIDENDS

 

     Year ended December 31,

In millions of dollars, except for ratios

    2006(1)(2)    2005(1)(2)    2004(1)(2)    2003(1)(2)    2002(1)(2)(3)

EXCLUDING INTEREST ON DEPOSITS:

               

Fixed Charges

               

Interest expense (other than interest on deposits)

    $ 35,682    $ 23,120    $ 13,271    $ 9,942    $ 12,273

Interest factor in rent expense

      570      516      487      460      445

Dividends—Preferred Stock

      88      98      95      103      126
                                  

Total fixed charges

    $ 36,340    $ 23,734    $ 13,853    $ 10,505    $ 12,844
                                  

Income

               

Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes

    $ 29,639    $ 29,433    $ 22,736    $ 25,170    $ 19,388

Fixed charges (excluding preferred stock dividends)

      36,252      23,636      13,758      10,402      12,718
                                  

Total income

    $ 65,891    $ 53,069    $ 36,494    $ 35,572    $ 32,106
                                  

Ratio of income to fixed charges excluding interest on deposits

      1.81      2.24      2.63      3.39      2.50
                                  

INCLUDING INTEREST ON DEPOSITS:

               

Fixed Charges

               

Interest expense

    $ 56,943    $ 36,676    $ 22,004    $ 17,184    $ 21,177

Interest factor in rent expense

      570      516      487      460      445

Dividends—Preferred Stock

      88      98      95      103      126
                                  

Total fixed charges

    $ 57,601    $ 37,290    $ 22,586    $ 17,747    $ 21,748
                                  

Income

               

Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes

    $ 29,639    $ 29,433    $ 22,736    $ 25,170    $ 19,388

Fixed charges (excluding preferred stock dividends)

      57,513      37,192      22,491      17,644      21,622
                                  

Total income

    $ 87,152    $ 66,625    $ 45,227    $ 42,814    $ 41,010
                                  

Ratio of income to fixed charges including interest on deposits

      1.51      1.79      2.00      2.41      1.89
                                  
(1) On December 1, 2005, Citigroup completed the sale of substantially all of Citigroup’s Asset Management Business to Legg Mason, Inc. Citigroup reports these businesses separately as discontinued operations in the Company’s Consolidated Statement of Income. The calculation of the ratio of income to fixed charges excludes discontinued operations. Prior periods have been restated on a comparable basis.

 

(2) On July 1, 2005, Citigroup completed the sale of Citigroup’s Travelers Life & Annuity and substantially all of Citigroup’s international insurance businesses to MetLife, Inc. Citigroup reports these businesses separately as discontinued operations in the Company’s Consolidated Statement of Income.

 

(3) On August 20, 2002, Citigroup completed the distribution to its stockholders of a majority portion of its remaining ownership interest in Travelers Property Casualty Corp. (TPC) (an indirect wholly-owned subsidiary of Citigroup on Dec 31, 2001). Following the distribution, Citigroup began reporting TPC separately as discontinued operations in the Company’s Consolidated Statement of Income.