EX-12.1
Published on February 24, 2009
Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Twelve Months Ended December 31, | ||||||||||||||||||||
| (in thousands of dollars) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Earnings: |
||||||||||||||||||||
(Loss) income before income taxes |
$ | (296,008 | ) | $ | 22,643 | $ | 514,061 | $ | 543,574 | $ | 552,666 | |||||||||
Add: Fixed charges, excluding
interest on deposits |
351,672 | 431,320 | 345,253 | 243,239 | 191,648 | |||||||||||||||
Earnings available for fixed charges,
excluding interest on deposits |
55,664 | 453,963 | 859,314 | 786,813 | 744,314 | |||||||||||||||
Add: Interest on deposits |
931,679 | 1,026,388 | 717,167 | 446,919 | 257,099 | |||||||||||||||
Earnings available for fixed charges,
including interest on deposits |
$ | 987,343 | $ | 1,480,351 | $ | 1,576,481 | $ | 1,233,732 | $ | 1,001,413 | ||||||||||
Fixed Charges: |
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Interest expense, excluding
interest on deposits |
$ | 334,952 | $ | 415,063 | $ | 334,175 | $ | 232,435 | $ | 178,842 | ||||||||||
Interest factor in net rental expense |
16,720 | 16,257 | 11,078 | 10,804 | 12,806 | |||||||||||||||
Total fixed charges, excluding
interest on deposits |
351,672 | 431,320 | 345,253 | 243,239 | 191,648 | |||||||||||||||
Add: Interest on deposits |
931,679 | 1,026,388 | 717,167 | 446,919 | 257,099 | |||||||||||||||
Total fixed charges, including
interest on deposits |
$ | 1,283,351 | $ | 1,457,708 | $ | 1,062,420 | $ | 690,158 | $ | 448,747 | ||||||||||
Ratio of Earnings to Fixed Charges |
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Excluding interest on deposits |
0.16 | x | 1.05 | x | 2.49 | x | 3.23 | x | 3.88 | x | ||||||||||
Including interest on deposits |
0.77 | x | 1.02 | x | 1.48 | x | 1.79 | x | 2.23 | x | ||||||||||