Attached files
| file | filename |
|---|---|
| 10-K - 10-K - SLM Corp | a2017form10-k1.htm |
| EX-32.2 - EXHIBIT 32.2 - SLM Corp | ex322_123120171.htm |
| EX-32.1 - EXHIBIT 32.1 - SLM Corp | ex321_123120171.htm |
| EX-31.2 - EXHIBIT 31.2 - SLM Corp | ex312_123120171.htm |
| EX-31.1 - EXHIBIT 31.1 - SLM Corp | ex311_123120171.htm |
| EX-23.1 - EXHIBIT 23.1 - SLM Corp | ex231_123120171.htm |
| EX-21.1 - EXHIBIT 21.1 - SLM Corp | ex211_123120171.htm |
Exhibit 12.1
SLM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Years Ended December 31, | ||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
Income before income tax expense | $ | 416,527 | $ | 333,752 | $ | 439,064 | $ | 414,436 | $ | 491,465 | ||||||||||
Add: Fixed charges | 91,182 | 98,404 | 132,048 | 189,717 | 312,396 | |||||||||||||||
Total earnings | $ | 507,709 | $ | 432,156 | $ | 571,112 | $ | 604,153 | $ | 803,861 | ||||||||||
Interest expense | $ | 89,085 | $ | 95,815 | $ | 128,619 | $ | 185,908 | $ | 308,082 | ||||||||||
Rental expense, net of income | 2,097 | 2,589 | 3,429 | 3,809 | 4,314 | |||||||||||||||
Total fixed charges | 91,182 | 98,404 | 132,048 | 189,717 | 312,396 | |||||||||||||||
Preferred stock dividends | — | 12,933 | 19,595 | 21,204 | 15,714 | |||||||||||||||
Net income attributable to SLM Corporation common stock | $ | 91,182 | $ | 111,337 | $ | 151,643 | $ | 210,921 | $ | 328,110 | ||||||||||
Ratio of earnings to fixed charges(1) | 5.57 | 4.39 | 4.33 | 3.18 | 2.57 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1) | 5.57 | 3.88 | 3.77 | 2.86 | 2.45 | |||||||||||||||
(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. |