Attached files
| file | filename |
|---|---|
| EX-10.3 - EXHIBIT 10.3 - SLM Corp | slm20150331ex103.htm |
| EX-10.4 - EXHIBIT 10.4 - SLM Corp | slm20150331ex104.htm |
| EX-31.1 - EXHIBIT 31.1 - SLM Corp | slm20150331ex311.htm |
| EX-32.1 - EXHIBIT 32.1 - SLM Corp | slm20150331ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - SLM Corp | slm20150331ex312.htm |
| EXCEL - IDEA: XBRL DOCUMENT - SLM Corp | Financial_Report.xls |
| 10-Q - 10-Q - SLM Corp | slm-1q_2015x10xq.htm |
| EX-10.2 - EXHIBIT 10.2 - SLM Corp | slm20150331ex102.htm |
| EX-32.2 - EXHIBIT 32.2 - SLM Corp | slm20150331ex322.htm |
| EX-10.1 - EXHIBIT 10.1 - SLM Corp | slm20150331ex101.htm |
Exhibit 12.1
SLM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Years Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
' | 2010 | 2011 | 2012 | 2013 | 2014 | 2014 | 2015 | |||||||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | (122,669 | ) | $ | 87,848 | $ | 341,871 | $ | 416,528 | $ | 333,752 | $ | 75,672 | $ | 79,421 | |||||||||||||
Add: Fixed charges | 146,256 | 107,896 | 84,708 | 91,182 | 98,404 | 22,991 | 31,286 | |||||||||||||||||||||
Total earnings | $ | 23,587 | $ | 195,744 | $ | 426,579 | $ | 507,710 | $ | 432,156 | $ | 98,663 | $ | 110,707 | ||||||||||||||
Interest expense | $ | 143,927 | $ | 105,385 | $ | 82,911 | $ | 89,085 | $ | 95,815 | $ | 22,631 | $ | 30,402 | ||||||||||||||
Rental expense, net of income | 2,329 | 2,511 | 1,797 | 2,097 | 2,589 | 359 | 884 | |||||||||||||||||||||
Total fixed charges | 146,256 | 107,896 | $ | 84,708 | 91,182 | 98,404 | 22,990 | 31,286 | ||||||||||||||||||||
Preferred stock dividends | — | — | — | — | 12,933 | — | 4,823 | |||||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 146,256 | $ | 107,896 | $ | 84,708 | $ | 91,182 | $ | 111,337 | $ | 22,990 | $ | 36,109 | ||||||||||||||
Ratio of earnings to fixed charges(1) (2) | — | 1.81 | 5.04 | 5.57 | 4.39 | 4.29 | 3.54 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1) (2) | — | 1.81 | 5.04 | 5.57 | 3.88 | 4.29 | 3.07 | |||||||||||||||||||||
(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 $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. |