Exhibit 12.1

Ratio of Earnings to Fixed Charges

 

     Twelve Months Ended December 31,  

(dollar amounts in thousands of dollars)

   2011     2010     2009     2008     2007  

Earnings:

          

Income (loss) before income taxes

   $ 707,234      $ 352,311      $ (3,678,183   $ (296,008   $ 22,643   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Add: Fixed charges, excluding interest on deposits

     97,035        102,969        155,269        351,672        431,320   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings available for fixed charges, excluding interest on deposits

     804,269        455,280        (3,522,914     55,664        453,963   

Add: Interest on deposits

     260,051        439,049        674,101        931,679        1,026,388   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings available for fixed charges, including interest on deposits

     1,064,320        894,329        (2,848,813     987,343        1,480,351   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

          

Interest expense, excluding interest on deposits

     81,004        87,537        139,754        334,952        415,063   

Interest factor in net rental expense

     16,031        15,432        15,515        16,720        16,257   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges, excluding interest on deposits

     97,035        102,969        155,269        351,672        431,320   

Add: Interest on deposits

     260,051        439,049        674,101        931,679        1,026,388   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges, including interest on deposits

   $ 357,086      $ 542,018      $ 829,370      $ 1,283,351      $ 1,457,708   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

          

Excluding interest on deposits

     8.29     4.42     (22.69 )x      0.16     1.05

Including interest on deposits

     2.98     1.65     (3.43 )x      0.77     1.02