EX-12.2 10 d109473_ex12-2.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.2 COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (Including Interest on Deposits) Astoria Financial Corporation's ratios of earnings to fixed charges (including interest on deposits) for the nine months ended September 30, 2002 and 2001 and for the five years ended December 31, 2001 were as follows:
FOR THE NINE MONTHS ENDED SEPTEMBER 30, FOR THE YEAR ENDED DECEMBER 31, ------------------- ------------------------------- 2002 2001 2001 2000 1999 1998 1997 ---------- ----------- ----------- ----------- ------------ ------------ ----------- (IN THOUSANDS) Income before income taxes, extraordinary item and cumulative effect of accounting change............... $ 280,627 $ 261,829 $ 345,190 $ 350,695 $ 399,434 $ 117,510 $ 199,724 Income tax expense................... 93,262 91,482 120,036 134,146 163,764 61,825 81,840 --------- ---------- ---------- ---------- ---------- --------- --------- Income before extraordinary item and cumulative effect of accounting change.......................... 187,365 170,347 225,154 216,549 235,670 55,685 117,884 Extraordinary item, net of tax....... -- -- -- -- -- (10,637) -- Cumulative effect of accounting change, net of tax.............. -- (2,294) (2,294) -- -- -- -- --------- ---------- ---------- ---------- ---------- --------- --------- Net income........................... $ 187,365 $ 168,053 $ 222,860 $ 216,549 $ 235,670 $ 45,048 $ 117,884 ========= ========== ========== ========== ========== ========= ========= Fixed charges: Interest on borrowed funds........... $ 391,653 $ 436,045 $ 581,616 $ 613,252 $ 594,344 $ 375,863 $ 232,048 Interest on deposits................. 225,472 311,831 399,989 410,101 363,156 399,602 371,543 1/3 rent expense..................... 1,386 1,321 1,771 1,710 2,231 3,033 2,266 --------- ---------- ---------- ---------- ---------- --------- --------- Total fixed charges............. $ 618,511 $ 749,197 $ 983,376 $1,025,063 $ 959,731 $ 778,498 $ 605,857 ========= ========== ========== ========== ========== ========= ========= Earnings (for ratio calculation).... $ 899,138 $1,011,026 $1,328,566 $1,375,758 $1,359,165 $ 896,008 $ 805,581 ========= ========== ========== ========== ========== ========= ========= Ratio of earnings to fixed charges.. 1.45x 1.35x 1.35x 1.34x 1.42x 1.15x 1.33x
For purposes of computing the ratios of earnings to fixed charges, earnings consists of income before income taxes, extraordinary item and cumulative effect of accounting change plus fixed charges. Fixed charges excluding interest on deposits consist of interest on short-term and long-term debt, including capital trust securities, interest related to capitalized leases and capitalized interest and one-third of rent expense, which approximates the interest component of that expense. Fixed charges including interest on deposits consist of the foregoing items plus interest on deposits.