Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Twelve Months Ended December 31, | ||||||||||||||||||||
| (dollar amounts in thousands of dollars) |
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
| Earnings: |
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| Income (loss) before income taxes |
$ | 854,555 | $ | 825,117 | $ | 707,234 | $ | 352,311 | $ | (3,678,183 | ) | |||||||||
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| Add: Fixed charges, excluding interest on deposits |
57,027 | 74,379 | 97,035 | 102,969 | 155,269 | |||||||||||||||
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| Earnings available for fixed charges, excluding interest on deposits |
911,582 | 899,496 | 804,269 | 455,280 | (3,522,914 | ) | ||||||||||||||
| Add: Interest on deposits |
116,241 | 162,167 | 260,051 | 439,049 | 674,101 | |||||||||||||||
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| Earnings available for fixed charges, including interest on deposits |
1,027,823 | 1,061,663 | 1,064,320 | 894,329 | (2,848,813 | ) | ||||||||||||||
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| Fixed Charges: |
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| Interest expense, excluding interest on deposits |
39,788 | 57,572 | 81,004 | 87,537 | 139,754 | |||||||||||||||
| Interest factor in net rental expense |
17,239 | 16,807 | 16,031 | 15,432 | 15,515 | |||||||||||||||
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| Total fixed charges, excluding interest on deposits |
57,027 | 74,379 | 97,035 | 102,969 | 155,269 | |||||||||||||||
| Add: Interest on deposits |
116,241 | 162,167 | 260,051 | 439,049 | 674,101 | |||||||||||||||
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| Total fixed charges, including interest on deposits |
$ | 173,268 | $ | 236,546 | $ | 357,086 | $ | 542,018 | $ | 829,370 | ||||||||||
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| Ratio of Earnings to Fixed Charges |
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| Excluding interest on deposits |
15.99 | x | 12.09 | x | 8.29 | x | 4.42 | x | (22.69 | )x | ||||||||||
| Including interest on deposits |
5.93 | x | 4.49 | x | 2.98 | x | 1.65 | x | (3.43 | )x | ||||||||||