EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

EXHIBIT 12

 

Computation of Ratios of Earnings to Fixed Charges

 

     2003
     2002
     2001
     2000
     1999
  
     (In thousands)  

Income before Income Taxes

    $ 227,163     $ 214,743     $ 191,897       189,741     $ 187,396  

Fixed Charges:

                                         

Interest Expense

      274,165       322,261       480,240       517,754       384,891  

 1/3 Rent Expense

      9,402       7,511       6,222       5,661       4,943  
    
 
 
 
 

Total Fixed Charges

      283,567       329,772       486,462       523,415       389,834  

Adjusted Earnings

    $ 510,730     $ 544,515     $ 678,359     $ 713,156     $ 577,230  

Ratio of Earnings to Fixed Charges

      1.80 x     1.65 x     1.39 x     1.36 x     1.48 x

Interest on Deposits

    $ 139,695     $ 185,520     $ 323,499     $ 359,460     $ 279,166  

Ratio of Earnings to Fixed Charges excluding interest on deposits

      2.58 x     2.49 x     2.18 x     2.16 x     2.69 x