RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
Published on February 14, 2014
Exhibit 12.2
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
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 and preferred stock dividends |
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 | |||||||||||||||
Preferred stock dividends |
31,869 | 31,989 | 30,813 | 172,032 | 174,756 | |||||||||||||||
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Total fixed charges, excluding interest on deposits |
88,896 | 106,368 | 127,848 | 275,001 | 330,025 | |||||||||||||||
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 |
$ | 205,137 | $ | 268,535 | $ | 387,899 | $ | 714,050 | $ | 1,004,126 | ||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
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Excluding interest on deposits |
10.25 | x | 8.46 | x | 6.29 | x | 1.66 | x | (10.67 | )x | ||||||||||
Including interest on deposits |
5.01 | x | 3.95 | x | 2.74 | x | 1.25 | x | (2.84 | )x |