Exhibit 12.1
Ratio of Earnings to Fixed Charges
| (Unaudited) Nine Months Ended September 30, |
Twelve Months Ended December 31, | |||||||||||||||||||||||||||
| (dollar amounts in thousands) |
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||
| Earnings: |
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| Income (loss) before income taxes |
$ | 603,497 | $ | 538,422 | $ | 707,234 | $ | 352,311 | $ | (3,678,183 | ) | $ | (296,008 | ) | $ | 22,643 | ||||||||||||
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| Add: Fixed charges, excluding interest on deposits |
60,955 | 73,668 | 97,035 | 102,969 | 155,269 | 351,672 | 431,320 | |||||||||||||||||||||
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| Earnings available for fixed charges, excluding interest on deposits |
664,452 | 612,090 | 804,269 | 455,280 | (3,522,914 | ) | 55,664 | 453,963 | ||||||||||||||||||||
| Add: Interest on deposits |
126,450 | 209,085 | 260,051 | 439,050 | 674,101 | 931,679 | 1,026,388 | |||||||||||||||||||||
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| Earnings available for fixed charges, including interest on deposits |
790,902 | 821,175 | 1,064,320 | 894,330 | (2,848,813 | ) | 987,343 | 1,480,351 | ||||||||||||||||||||
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| Fixed Charges: |
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| Interest expense, excluding interest on deposits |
48,349 | 61,780 | 81,004 | 87,537 | 139,754 | 334,952 | 415,063 | |||||||||||||||||||||
| Interest factor in net rental expense |
12,606 | 11,888 | 16,031 | 15,432 | 15,515 | 16,720 | 16,257 | |||||||||||||||||||||
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| Total fixed charges, excluding interest on deposits |
60,955 | 73,668 | 97,035 | 102,969 | 155,269 | 351,672 | 431,320 | |||||||||||||||||||||
| Add: Interest on deposits |
126,450 | 209,085 | 260,051 | 439,050 | 674,101 | 931,679 | 1,026,388 | |||||||||||||||||||||
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| Total fixed charges, including interest on deposits |
$ | 187,405 | $ | 282,753 | $ | 357,086 | $ | 542,019 | $ | 829,370 | $ | 1,283,351 | $ | 1,457,708 | ||||||||||||||
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| Ratio of Earnings to Fixed Charges |
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| Excluding interest on deposits |
10.90 | x | 8.31 | x | 8.29 | x | 4.42 | x | (22.69 | )x | 0.16 | x | 1.05 | x | ||||||||||||||
| Including interest on deposits |
4.22 | x | 2.90 | x | 2.98 | x | 1.65 | x | (3.43 | )x | 0.77 | x | 1.02 | x | ||||||||||||||