Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Twelve Months Ended December 31, | ||||||||||||||||||||
| (dollar amounts in thousands of dollars) |
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
| Earnings: |
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| Income (loss) before income taxes |
$ | 852,985 | $ | 868,756 | $ | 833,581 | $ | 718,928 | $ | 364,113 | ||||||||||
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| Add: Fixed charges, excluding interest on deposits |
70,692 | 57,027 | 74,379 | 97,035 | 102,969 | |||||||||||||||
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| Earnings available for fixed charges, excluding interest on deposits |
923,677 | 925,783 | 907,960 | 815,963 | 467,082 | |||||||||||||||
| Add: Interest on deposits |
86,453 | 116,241 | 162,167 | 260,051 | 439,049 | |||||||||||||||
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| Earnings available for fixed charges, including interest on deposits |
1,010,130 | 1,042,024 | 1,070,127 | 1,076,014 | 906,131 | |||||||||||||||
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| Fixed Charges: |
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| Interest expense, excluding interest on deposits |
52,868 | 39,788 | 57,572 | 81,004 | 87,537 | |||||||||||||||
| Interest factor in net rental expense |
17,824 | 17,239 | 16,807 | 16,031 | 15,432 | |||||||||||||||
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| Total fixed charges, excluding interest on deposits |
70,692 | 57,027 | 74,379 | 97,035 | 102,969 | |||||||||||||||
| Add: Interest on deposits |
86,453 | 116,241 | 162,167 | 260,051 | 439,049 | |||||||||||||||
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| Total fixed charges, including interest on deposits |
$ | 157,145 | $ | 173,268 | $ | 236,546 | $ | 357,086 | $ | 542,018 | ||||||||||
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| Ratio of Earnings to Fixed Charges |
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| Excluding interest on deposits |
13.07 | x | 16.23 | x | 12.21 | x | 8.41 | x | 4.54 | x | ||||||||||
| Including interest on deposits |
6.43 | x | 6.01 | x | 4.52 | x | 3.01 | x | 1.67 | x | ||||||||||