Attached files
| file | filename |
|---|---|
| EX-32.A - EXHIBIT 32.A - Wells Fargo Real Estate Investment Corp. | wfe-2015930xex32a.htm |
| EX-32.B - EXHIBIT 32.B - Wells Fargo Real Estate Investment Corp. | wfe-2015930xex32b.htm |
| EX-31.B - EXHIBIT 31.B - Wells Fargo Real Estate Investment Corp. | wfe-2015930xex31b.htm |
| EX-31.A - EXHIBIT 31.A - Wells Fargo Real Estate Investment Corp. | wfe-2015930xex31a.htm |
| 10-Q - 10-Q - Wells Fargo Real Estate Investment Corp. | wfe-2015930x10q.htm |
Exhibit (12)
Wells Fargo Real Estate Investment Corporation | |||||||||||||
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends | |||||||||||||
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||
Excluding interest on deposits (1) | |||||||||||||
Income before income taxes | $ | 179,910 | 165,432 | 487,522 | 482,929 | ||||||||
Fixed charges, excluding preferred dividends and capitalized interest | 377 | 277 | 644 | 1,037 | |||||||||
Earnings | $ | 180,287 | 165,709 | 488,166 | 483,966 | ||||||||
Interest expense | $ | 377 | 277 | 644 | 1,037 | ||||||||
Estimated interest component of net rental expense | — | — | — | — | |||||||||
Preferred dividends | 4,397 | 15 | 13,191 | 43 | |||||||||
Capitalized interest | — | — | — | — | |||||||||
Fixed charges and preferred dividends | $ | 4,774 | 292 | 13,835 | 1,080 | ||||||||
Ratio of earnings to fixed charges and preferred dividends (2) | 37.76 | 567.50 | 35.28 | 448.12 | |||||||||
(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 Wells Fargo Real Estate Investment Corporation. 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. |