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: |
||||||||||||||||||||
| Income (loss) before income taxes |
$ | 868,756 | $ | 833,581 | $ | 718,928 | $ | 364,113 | $ | (3,665,071 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Add: Fixed charges, excluding interest on deposits |
57,027 | 74,379 | 97,035 | 102,969 | 155,269 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings available for fixed charges, excluding interest on deposits |
925,783 | 907,960 | 815,963 | 467,082 | (3,509,802 | ) | ||||||||||||||
| Add: Interest on deposits |
116,241 | 162,167 | 260,051 | 439,049 | 674,101 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings available for fixed charges, including interest on deposits |
1,042,024 | 1,070,127 | 1,076,014 | 906,131 | (2,835,701 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Fixed Charges: |
||||||||||||||||||||
| 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 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 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 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total fixed charges, including interest on deposits |
$ | 173,268 | $ | 236,546 | $ | 357,086 | $ | 542,018 | $ | 829,370 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of Earnings to Fixed Charges |
||||||||||||||||||||
| Excluding interest on deposits |
16.23 | x | 12.21 | x | 8.41 | x | 4.54 | x | (22.60 | )x | ||||||||||
| Including interest on deposits |
6.01 | x | 4.52 | x | 3.01 | x | 1.67 | x | (3.42 | )x | ||||||||||