Attached files
file | filename |
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10-K - FORM 10-K - DORAL FINANCIAL CORP | g22202e10vk.htm |
EX-21 - EX-21 - DORAL FINANCIAL CORP | g22202exv21.htm |
EX-23 - EX-23 - DORAL FINANCIAL CORP | g22202exv23.htm |
EX-32.2 - EX-32.2 - DORAL FINANCIAL CORP | g22202exv32w2.htm |
EX-12.1 - EX-12.1 - DORAL FINANCIAL CORP | g22202exv12w1.htm |
EX-31.1 - EX-31.1 - DORAL FINANCIAL CORP | g22202exv31w1.htm |
EX-31.2 - EX-31.2 - DORAL FINANCIAL CORP | g22202exv31w2.htm |
EX-32.1 - EX-32.1 - DORAL FINANCIAL CORP | g22202exv32w1.htm |
Exhibit 12.2
Doral Financial Corporation
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Including Interest on Deposits |
||||||||||||||||||||
Earnings: |
||||||||||||||||||||
Pre-tax
(loss) income from continuing operations |
$ | (42,621 | ) | $ | (32,258 | ) | $ | (302,762 | ) | $ | (272,008 | ) | $ | 32,283 | ||||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized interest) |
293,019 | 349,621 | 427,141 | 623,668 | 670,137 | |||||||||||||||
Total Earnings |
$ | 250,398 | $ | 317,363 | $ | 124,379 | $ | 351,660 | $ | 702,420 | ||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 290,451 | $ | 347,001 | $ | 423,986 | $ | 619,094 | $ | 665,313 | ||||||||||
Amortized premiums, discounts, and capitalized
expenses related to indebtedness |
187 | 192 | 633 | 1,411 | 1,869 | |||||||||||||||
An estimate of the interest component within rental expense |
2,381 | 2,428 | 2,522 | 3,163 | 2,955 | |||||||||||||||
Total Fixed Charges before preferred dividends |
293,019 | 349,621 | 427,141 | 623,668 | 670,137 | |||||||||||||||
Preferred dividends accrued |
15,841 | 33,299 | 33,299 | 33,299 | 33,299 | |||||||||||||||
Ratio of pre tax income to net income |
2.016 | 0.101 | 1.771 | 1.215 | 2.447 | |||||||||||||||
Preferred dividend factor |
31,935 | 3,363 | 58,973 | 40,458 | 81,483 | |||||||||||||||
Total fixed charges and preferred stock dividends |
$ | 324,954 | $ | 352,984 | $ | 486,114 | $ | 664,126 | $ | 751,620 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(A | ) | (A | ) | (A | ) | (A | ) | (A | ) | ||||||||||
Excluding Interest on Deposits |
||||||||||||||||||||
Earnings (Loss): |
||||||||||||||||||||
Pre-tax
(loss) income from continuing operations |
$ | (42,621 | ) | $ | (32,258 | ) | $ | (302,762 | ) | $ | (272,008 | ) | $ | 32,283 | ||||||
Plus: |
||||||||||||||||||||
Fixed Charges (excluding capitalized interest) |
167,836 | 192,891 | 255,909 | 468,250 | 563,973 | |||||||||||||||
Total
Earnings (Loss) |
$ | 125,265 | $ | 160,633 | $ | (46,853 | ) | $ | 196,242 | $ | 596,256 | |||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized |
$ | 165,318 | $ | 190,271 | $ | 252,754 | $ | 463,676 | $ | 559,149 | ||||||||||
Amortized premiums, discounts, and capitalized
expenses related to indebtedness |
187 | 192 | 633 | 1,411 | 1,869 | |||||||||||||||
An estimate of the interest component within rental expense |
2,381 | 2,428 | 2,522 | 3,163 | 2,955 | |||||||||||||||
Total Fixed Charges before preferred dividends |
167,886 | 192,891 | 255,909 | 468,250 | 563,973 | |||||||||||||||
Preferred dividends |
15,841 | 33,299 | 33,299 | 33,299 | 33,299 | |||||||||||||||
Ratio of pre tax income to net income |
2.016 | 0.101 | 1.771 | 1.215 | 2.447 | |||||||||||||||
Preferred dividend factor |
31,935 | 3,363 | 58,973 | 40,458 | 81,483 | |||||||||||||||
Total fixed charges and preferred stock dividends |
$ | 199,821 | $ | 196,254 | $ | 314,882 | $ | 508,708 | $ | 645,456 | ||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
(A | ) | (A | ) | (A | ) | (A | ) | (A | ) | ||||||||||
(A) | For the years ended December 31, 2009, 2008, 2007, 2006 and 2005 earnings were not sufficient to cover preferred dividends and the ratios were less than 1:1. The Company would have had to generate additional earnings of $74.6 million, $35.6 million, $361.7 million, $312.5 million, and $49.2 million to achieve a ratio of 1:1 in 2009, 2008, 2007, 2006 and 2005, respectively. |