(Unaudited) | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
(in thousands of dollars) | 2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Earnings: |
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Income before taxes |
$ | 153,445 | $ | 129,254 | $ | 22,643 | $ | 514,061 | $ | 543,574 | $ | 552,666 | $ | 523,987 | ||||||||||||||
Add: Fixed charges, excluding
interest on deposits |
106,020 | 85,524 | 431,320 | 345,253 | 243,239 | 191,648 | 179,903 | |||||||||||||||||||||
Earnings available for fixed charges,
excluding interest on deposits |
259,465 | 214,778 | 453,963 | 859,314 | 786,813 | 744,314 | 703,890 | |||||||||||||||||||||
Add: Interest on deposits |
274,883 | 196,723 | 1,026,388 | 717,167 | 446,919 | 257,099 | 288,271 | |||||||||||||||||||||
Earnings available for fixed charges,
including interest on deposits |
$ | 534,348 | $ | 411,501 | $ | 1,480,351 | $ | 1,576,481 | $ | 1,233,732 | $ | 1,001,413 | $ | 992,161 | ||||||||||||||
Fixed Charges: |
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Interest expense, excluding
interest on deposits |
$ | 101,704 | $ | 82,671 | $ | 415,063 | $ | 334,175 | $ | 232,435 | $ | 178,842 | $ | 168,499 | ||||||||||||||
Interest factor in net rental expense |
4,316 | 2,853 | 16,257 | 11,078 | 10,804 | 12,806 | 11,405 | |||||||||||||||||||||
Total fixed charges, excluding
interest on deposits |
106,020 | 85,524 | 431,320 | 345,253 | 243,239 | 191,648 | 179,903 | |||||||||||||||||||||
Add: Interest on deposits |
274,883 | 196,723 | 1,026,388 | 717,167 | 446,919 | 257,099 | 288,271 | |||||||||||||||||||||
Total fixed charges, including
interest on deposits |
$ | 380,903 | $ | 282,247 | $ | 1,457,708 | $ | 1,062,420 | $ | 690,158 | $ | 448,747 | $ | 468,174 | ||||||||||||||
Ratio of Earnings to Fixed Charges |
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Excluding interest on deposits |
2.45 | x | 2.51 | x | 1.05 | x | 2.49 | x | 3.23 | x | 3.88 | x | 3.91 | x | ||||||||||||||
Including interest on deposits |
1.40 | x | 1.46 | x | 1.02 | x | 1.48 | x | 1.79 | x | 2.23 | x | 2.12 | x |