EX-12.1 6 w52660exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1

 
WILMINGTON TRUST CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                                         
    Year Ended
    December 31
                     
    2007   2006   2005   2004   2003
 
Income before income taxes
   $             263.4     $             196.1     $             242.9     $             203.2     $             200.4  
                                         
Fixed charges:
                                        
Interest expense
   $ 353.3     $ 311.7     $ 187.7     $ 92.1     $ 91.7  
Capitalized interest
   $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0  
Amortized premiums, discounts and capitalized expense related to indebtedness
   $ 0.2     $ 0.2     $ 0.2     $ 0.2     $ 0.2  
Estimated interest component of net rental payments (3)
   $ 5.1     $ 4.6     $ 3.9     $ 3.5     $ 3.2  
                                         
Total fixed charges
   $ 358.6     $ 316.5     $ 191.8     $ 95.8     $ 95.1  
Less: Interest on deposits
   $ 257.0     $ 231.3     $ 131.4     $ 60.2     $ 63.7  
                                         
Total fixed charges excluding interest on deposits
   $ 101.6     $ 85.2     $ 60.4     $ 35.6     $ 31.4  
Distributed income of equity investees
   $ 20.7     $ 22.2     $ 18.3     $ 11.0     $ 4.7  
Income before taxes and fixed charges
   $ 642.7     $ 534.8     $ 453.0     $ 310.0     $ 300.2  
Income before taxes and fixed charges (excluding interest on deposits)
   $ 899.7     $ 766.1     $ 584.4     $ 370.2     $ 363.9  
                                         
                                         
                                         
Ratio of Earnings to Fixed Charges
                                        
Excluding interest on deposits (1)
     3.8       3.6       5.3       7.0       7.5  
Including interest on deposits (2)
     1.8       1.7       2.4       3.2       3.2  
                                         
                                         
 
 
(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.