Attached files
EXHIBIT 12.1
Earning to Fixed Charges and Preferred Dividends
Years Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: |
||||||||||||||||||||
Pre-tax income |
$ | (224,282 | ) | $ | (811,112 | ) | $ | (411,432 | ) | $ | 138,213 | $ | 108,176 | |||||||
Preferred stock dividend |
(11,598 | ) | (17,369 | ) | (1,208 | ) | 0 | 0 | ||||||||||||
Other shareholder allocations |
(520,263 | ) | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax income available to common shareholders |
(756,143 | ) | (828,481 | ) | (412,640 | ) | 138,213 | 108,176 | ||||||||||||
Fixed charges |
81,180 | 109,128 | 129,282 | 140,816 | 105,838 | |||||||||||||||
Earnings |
$ | (674,963 | ) | $ | (719,353 | ) | $ | (283,358 | ) | $ | 279,029 | $ | 214,014 | |||||||
Interest expense-short term borrowings |
$ | 6,517 | $ | 16,476 | $ | 20,820 | $ | 29,956 | $ | 35,979 | ||||||||||
Interest expense-long term borrowings |
59,882 | 69,633 | 100,353 | 104,048 | 65,691 | |||||||||||||||
Preferred stock dividend |
11,598 | 17,369 | 1,208 | 0 | 0 | |||||||||||||||
Portion of long-term leases representative of the interest factor ** |
3,183 | 5,650 | 6,901 | 6,812 | 4,168 | |||||||||||||||
Fixed charges |
$ | 81,180 | $ | 109,128 | $ | 129,282 | $ | 140,816 | $ | 105,838 | ||||||||||
Earnings to fixed charges, excluding interest on deposits |
* | * | * | 1.98 | 2.02 | |||||||||||||||
INCLUDING INTEREST ON DEPOSITS: |
||||||||||||||||||||
Pre-tax income |
$ | (224,282 | ) | $ | (811,112 | ) | $ | (411,432 | ) | $ | 138,213 | $ | 108,176 | |||||||
Preferred stock dividend |
(11,598 | ) | (17,369 | ) | (1,208 | ) | 0 | 0 | ||||||||||||
Benefit to common shareholders |
(520,263 | ) | 0 | 0 | 0 | 0 | ||||||||||||||
Pre-tax income available to common shareholders |
(756,143 | ) | (828,481 | ) | (412,640 | ) | 138,213 | 108,176 | ||||||||||||
Fixed charges |
175,887 | 278,389 | 363,619 | 418,430 | 291,111 | |||||||||||||||
Earnings |
$ | (580,256 | ) | $ | (550,092 | ) | $ | (49,021 | ) | $ | 556,643 | $ | 399,287 | |||||||
Interest expense-short term borrowings |
$ | 101,224 | $ | 185,737 | $ | 255,157 | $ | 307,570 | $ | 221,252 | ||||||||||
Interest expense-long term borrowings |
59,882 | 69,633 | 100,353 | 104,048 | 65,691 | |||||||||||||||
Preferred stock dividend |
11,598 | 17,369 | 1,208 | 0 | 0 | |||||||||||||||
Portion of long-term leases representative of the interest factor ** |
3,183 | 5,650 | 6,901 | 6,812 | 4,168 | |||||||||||||||
Fixed charges |
$ | 175,887 | $ | 278,389 | $ | 363,619 | $ | 418,430 | $ | 291,111 | ||||||||||
Earnings to fixed charges, including interest on deposits |
* | * | * | 1.33 | 1.37 | |||||||||||||||
* | Earnings to fixed charges and preferred dividends were a deficiency of $756.1 million, $828.5 million and $412.6 million for the years ended December 31, 2010, 2009 and 2008, respectively. |
** | The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. |