Exhibit 12.1
Ratio of Earnings to Fixed Charges
Twelve Months Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
(dollar amounts in thousands of dollars)
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
919,762

 
$
913,605

 
$
852,985

 
$
868,756

 
$
833,581

Add: Fixed charges, excluding interest on deposits
181,235


99,613


70,692


57,027


74,379

Earnings available for fixed charges, excluding interest on deposits
1,100,997


1,013,218


923,677


925,783


907,960

Add: Interest on deposits
102,004


82,174


86,453


116,241


162,167

Earnings available for fixed charges, including interest on deposits
$
1,203,001


$
1,095,392


$
1,010,130


$
1,042,024


$
1,070,127

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense, excluding interest on deposits
$
160,791

 
$
81,610

 
$
52,868

 
$
39,788

 
$
57,572

Interest factor in net rental expense
20,444

 
18,003

 
17,824

 
17,239

 
16,807

Total fixed charges, excluding interest on deposits
181,235


99,613


70,692


57,027


74,379

Add: Interest on deposits
102,004

 
82,174

 
86,453

 
116,241

 
162,167

Total fixed charges, including interest on deposits
$
283,239


$
181,787


$
157,145


$
173,268


$
236,546

Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
6.07

X
10.17

X
13.07

X
16.23

X
12.21

Including interest on deposits
4.25

X
6.03

X
6.43

X
6.01

X
4.52