EX-12.1 4 w42935exv12w1.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES exv12w1
 

EXHIBIT 12.1
WILMINGTON TRUST CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                 
    Nine Months        
    Ended     Year Ended  
    September 30,     December 31  
    2007     2006     2005     2004     2003     2002  
Income before income taxes
   $ 198.9     $ 196.1     $ 242.9     $ 203.2     $ 200.4     $ 185.4  
 
                                    
Fixed charges:
                                                
Interest expense
   $ 266.5     $ 311.7     $ 187.7     $ 92.1     $ 91.7     $ 116.3  
Capitalized interest
   $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0  
Amortized premiums, discounts and capitalized expense related to indebtedness
   $ 0.1     $ 0.2     $ 0.2     $ 0.2     $ 0.2     $ 0.0  
Estimated interest component of net rental payments (3)
   $ 3.8     $ 4.6     $ 3.9     $ 3.5     $ 3.2     $ 3.3  
 
                                    
Total fixed charges
   $ 270.4     $ 316.5     $ 191.8     $ 95.8     $ 95.1     $ 119.6  
Less: Interest on deposits
   $ 198.3     $ 231.3     $ 131.4     $ 60.2     $ 63.7     $ 88.0  
 
                                    
Total fixed charges excluding interest on deposits
   $ 72.1     $ 85.2     $ 60.4     $ 35.6     $ 31.4     $ 31.6  
Distributed income of equity investees
   $ 15.9     $ 22.2     $ 18.3     $ 11.0     $ 4.7     $ 11.5  
Income before taxes and fixed charges
   $ 485.2     $ 534.8     $ 453.0     $ 310.0     $ 300.2     $ 316.5  
Income before taxes and fixed charges (excluding interest on deposits)
   $ 286.9     $ 303.5     $ 321.6     $ 249.8     $ 236.5     $ 228.5  
 
                                    
 
                                                
Ratio of Earnings to Fixed Charges
                                                
Excluding interest on deposits (1)
     4.0       3.6       5.3       7.0       7.5       7.2  
Including interest on deposits (2)
     1.8       1.7       2.4       3.2       3.2       2.6  
 
(1)   Income before income taxes + total fixed charges excluding interest on deposits + distributed income from equity investees all divided by total fixed charges excluding interest on deposits.
 
(2)   Income before income taxes + total fixed charges + distributed income from equity investees all divided by total fixed charges.
 
(3)   One-third of rental expense related to operating leases was attributed to interest expense.