Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - NAVIENT CORP | d256179d10q.htm |
| EX-32.2 - EX-32.2 - NAVIENT CORP | d256179dex322.htm |
| EX-32.1 - EX-32.1 - NAVIENT CORP | d256179dex321.htm |
| EX-31.2 - EX-31.2 - NAVIENT CORP | d256179dex312.htm |
| EX-31.1 - EX-31.1 - NAVIENT CORP | d256179dex311.htm |
Exhibit 12.1
NAVIENT CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
| Years Ended December 31, | Nine Months Ended Sep 30, |
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| 2011 | 2012 | 2013 | 2014 | 2015 | 2015 | 2016 | ||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes |
$ | 925 | $ | 1,437 | $ | 2,087 | $ | 1,837 | $ | 1,600 | $ | 1,148 | $ | 866 | ||||||||||||||
| Add: Fixed charges |
2,404 | 2,565 | 2,213 | 2,066 | 2,077 | 1,555 | 1,794 | |||||||||||||||||||||
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| Total earnings |
$ | 3,329 | $ | 4,002 | $ | 4,300 | $ | 3,903 | $ | 3,677 | $ | 2,703 | $ | 2,660 | ||||||||||||||
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| Interest expense |
$ | 2,401 | $ | 2,561 | $ | 2,210 | $ | 2,063 | $ | 2,074 | $ | 1,553 | $ | 1,791 | ||||||||||||||
| Rental expense, net of income |
3 | 4 | 3 | 3 | 3 | 2 | 3 | |||||||||||||||||||||
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| Total fixed charges |
2,404 | 2,565 | 2,213 | 2,066 | 2,077 | 1,555 | 1,794 | |||||||||||||||||||||
| Preferred stock dividends |
28 | 31 | 31 | 10 | — | — | — | |||||||||||||||||||||
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| Total fixed charges and preferred stock dividends |
$ | 2,432 | $ | 2,596 | $ | 2,244 | $ | 2,076 | $ | 2,077 | $ | 1,555 | $ | 1,794 | ||||||||||||||
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| Ratio of earnings to fixed charges(1) |
1.38 | 1.56 | 1.94 | 1.89 | 1.77 | 1.74 | 1.48 | |||||||||||||||||||||
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| Ratio of earnings to fixed charges |
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| and preferred stock dividends(1) |
1.37 | 1.54 | 1.92 | 1.88 | 1.77 | 1.74 | 1.48 | |||||||||||||||||||||
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| (1) | For purposes of computing these ratios, earnings represent income (loss) from continuing operations 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. |