Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - SLM Corp | slm-3q_2016x10xq.htm |
| EX-32.2 - EXHIBIT 32.2 - SLM Corp | slm20160930ex322.htm |
| EX-32.1 - EXHIBIT 32.1 - SLM Corp | slm20160930ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - SLM Corp | slm20160930ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - SLM Corp | slm20160930ex311.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, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2015 | 2016 | ||||||||||||||||||||||
Income before income tax expense | $ | 87,848 | $ | 341,869 | $ | 416,527 | $ | 333,752 | $ | 439,064 | $ | 294,304 | $ | 301,072 | ||||||||||||||
Add: Fixed charges | 107,896 | 84,709 | 91,182 | 98,404 | 132,048 | 96,661 | 134,124 | |||||||||||||||||||||
Total earnings | $ | 195,744 | $ | 426,578 | $ | 507,709 | $ | 432,156 | $ | 571,112 | $ | 390,965 | $ | 435,196 | ||||||||||||||
Interest expense | $ | 105,385 | $ | 82,912 | $ | 89,085 | $ | 95,815 | $ | 128,619 | $ | 94,078 | $ | 131,329 | ||||||||||||||
Rental expense, net of income | 2,511 | 1,797 | 2,097 | 2,589 | 3,429 | 2,583 | 2,795 | |||||||||||||||||||||
Total fixed charges | 107,896 | 84,709 | $ | 91,182 | 98,404 | 132,048 | 96,661 | 134,124 | ||||||||||||||||||||
Preferred stock dividends | — | — | — | 12,933 | 19,595 | 14,606 | 15,698 | |||||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 107,896 | $ | 84,709 | $ | 91,182 | $ | 111,337 | $ | 151,643 | $ | 111,267 | $ | 149,822 | ||||||||||||||
Ratio of earnings to fixed charges(1) | 1.81 | 5.04 | 5.57 | 4.39 | 4.33 | 4.04 | 3.24 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1) | 1.81 | 5.04 | 5.57 | 3.88 | 3.77 | 3.51 | 2.90 | |||||||||||||||||||||
(1) | For purposes of computing these ratios, earnings represent income 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. |