EX-12 4 dex12.htm EXHIBIT 12 EXHIBIT 12

Exhibit 12

Exhibit 12: Computation of Ratio of Earnings to Combined Fixed Charges

 

      Year Ended December 31,  

(in thousands)

    2007(1)     2006(1)     2005     2004     2003  

Including Interest on Deposits

           

Earnings:

           

Income from continuing operations before income taxes

    $ 3,869,556     $ 3,672,341     $ 2,829,002     $ 2,360,064     $ 1,802,924  

Fixed charges

      4,583,678       3,087,023       2,058,099       1,797,811       1,588,981  
                                        

Earnings, for computation purposes

      8,453,234       6,759,364       4,887,101       4,157,875       3,391,905  

Fixed Charges:

           

Interest expense on deposits, senior and subordinated, and other borrowings

      4,548,311       3,073,289       2,046,639       1,791,442       1,582,565  

Portion of rent expense representative of interest

      35,367       13,734       11,460       6,369       6,416  
                                        

Total fixed charges, including interest on deposits, for computation purposes

    $ 4,583,678     $ 3,087,023     $ 2,058,099     $ 1,797,811     $ 1,588,981  

Ratio of earnings to fixed charges, including interest on deposits

      1.84       2.19       2.37       2.31       2.13  
                                        

Excluding Interest on Deposits

           

Earnings:

           

Income from continuing operations before income taxes

    $ 3,869,556     $ 3,672,341     $ 2,829,002     $ 2,360,064       1,802,924  

Fixed charges

      1,677,327       1,272,226       884,962       788,266       697,331  
                                        

Earnings, for computation purposes

      5,546,883       4,944,567       3,713,964       3,148,330       2,500,255  

Fixed Charges:

           

Interest expense on deposits, senior and subordinated, and other borrowings

      4,548,311       3,073,289       2,046,639       1,791,442       1,582,565  

Portion of rent expense representative of interest

      35,367       13,734       11,460       6,369       6,416  

Interest expense on deposits

      (2,906,351 )     (1,814,797 )     (1,173,137 )     (1,009,545 )     (891,650 )
                                        

Total fixed charges, excluding interest on deposits, for computation purposes

    $ 1,677,327     $ 1,272,226     $ 884,962     $ 788,266     $ 697,331  

Ratio of earnings to fixed charges, excluding interest on deposits

      3.31       3.89       4.20       3.99       3.59  
                                        
(1) Based on continuing operations.