Attached files
| file | filename |
|---|---|
| EX-3.1 - EXHIBIT - SLM Corp | slm20140930ex31.htm |
| EXCEL - IDEA: XBRL DOCUMENT - SLM Corp | Financial_Report.xls |
| EX-31.1 - EXHIBIT - SLM Corp | slm20140930ex311.htm |
| EX-31.2 - EXHIBIT - SLM Corp | slm20140930ex312.htm |
| EX-32.1 - EXHIBIT - SLM Corp | slm20140930ex321.htm |
| 10-Q - 10-Q - SLM Corp | slm-3q_2014x10xq.htm |
| EX-32.2 - EXHIBIT - SLM Corp | slm20140930ex322.htm |
Exhibit 12.1
SLM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Years Ended | Nine Months Ended September 30, | |||||||||||||||||||||||||||
' | 2009 | 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | |||||||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | (123,671 | ) | $ | (122,669 | ) | $ | 87,848 | $ | 341,871 | $ | 416,528 | $ | 319,734 | $ | 289,570 | ||||||||||||
Add: Fixed charges | 169,719 | 146,256 | 107,896 | 84,708 | 91,182 | 66,549 | 68,406 | |||||||||||||||||||||
Total earnings | $ | 46,048 | $ | 23,587 | $ | 195,744 | $ | 426,579 | $ | 507,710 | $ | 386,283 | $ | 357,976 | ||||||||||||||
Interest expense | $ | 167,055 | $ | 143,927 | $ | 105,385 | $ | 82,911 | $ | 89,085 | $ | 64,967 | $ | 67,842 | ||||||||||||||
Rental expense, net of income | 2,664 | 2,329 | 2,511 | 1,797 | 2,097 | 1,582 | 564 | |||||||||||||||||||||
Total fixed charges | 169,719 | 146,256 | 107,896 | $ | 84,708 | 91,182 | 66,549 | 68,406 | ||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | 8,078 | |||||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 169,719 | $ | 146,256 | $ | 107,896 | $ | 84,708 | $ | 91,182 | $ | 66,549 | $ | 76,484 | ||||||||||||||
Ratio of earnings to fixed charges(1) (2) (3) | — | — | 1.81 | 5.04 | 5.57 | 5.80 | 5.23 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1) (2) (3) | — | — | 1.81 | 5.04 | 5.57 | 5.80 | 4.68 | |||||||||||||||||||||
(1) | For purposes of computing these ratios, earnings represent income (loss) before income tax expense plus fixed charges. Fixed charges represent interest expensed and capitalized plus one-third (the proportion deemed representative of the interest factor) of rents, net of income from subleases. |
(2) | Due to a pre-tax loss from operations of $123,671 for the year ended December 31, 2009, the ratio coverage was less than 1:1. We would have needed to generate $123,671 million of additional earnings in the year ended December 31, 2009 for the ratio coverage to equal 1:1. |
(3) | Due to a pre-tax loss from operations of $122,669 for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate $122,669 million of additional earnings in the year ended December 31, 2010 for the ratio coverage to equal 1:1. |