WACHOVIA PREFERRED FUNDING CORP - FORM 10-Q - EX-12.B - EX-12(B) - August 11, 2011

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EX-31.B - EX-31(B) - WACHOVIA PREFERRED FUNDING CORPf59367aexv31wb.htm
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EXHIBIT (12)(b)
WACHOVIA PREFERRED FUNDING CORP. AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS
     
 
                                 
    Quarter     Six months  
    ended June 30,     ended June 30,  
(in thousands)   2011     2010     2011     2010  
 
                                
Excluding interest on deposits (1)
                                
Income before income taxes
   $ 250,402       169,683       461,361       301,587  
Fixed charges, excluding preferred dividends and capitalized interest
     -       -       -       -  
     
Earnings
   $ 250,402       169,683       461,361       301,587  
     
 
Interest
   $ -       -       -       -  
One-third of rents
     -       -       -       -  
Preferred dividends
     46,006       45,829       91,953       91,092  
Capitalized interest
     -       -       -       -  
     
Fixed charges
   $ 46,006       45,829       91,953       91,092  
     
 
Consolidated ratios of earnings to fixed charges (2)
     5.44       3.70       5.02       3.31  
     
     
 
     
(1)   As defined in Item 503(d) of Regulation S-K.
 
(2)   These computations are included herein in compliance with Securities and Exchange Commission regulations. However, management believes that fixed charge ratios are not meaningful measures for the business of Wachovia Funding. For example, even if there was no change in net income, the ratios would decline if interest income and interest expense increase by the same amount due to an increase in the level of interest rates or, conversely, they would increase if interest income and interest expense decrease by the same amount due to a decrease in the level of interest rates.

 

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