Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - SLM Corp | slm20180331ex311.htm |
| 10-Q - 10-Q - SLM Corp | slm-1q_2018x10xq.htm |
| EX-32.2 - EXHIBIT 32.2 - SLM Corp | slm20180331ex322.htm |
| EX-32.1 - EXHIBIT 32.1 - SLM Corp | slm20180331ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - SLM Corp | slm20180331ex312.htm |
| EX-10.4 - EXHIBIT 10.4 - SLM Corp | slm20180331ex104.htm |
| EX-10.3 - EXHIBIT 10.3 - SLM Corp | slm20180331ex103.htm |
| EX-10.2 - EXHIBIT 10.2 - SLM Corp | slm20180331ex102.htm |
| EX-10.1 - EXHIBIT 10.1 - SLM Corp | slm20180331ex101.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, | |||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2017 | 2018 | ||||||||||||||||||||||
Income before income tax expense | $ | 416,527 | $ | 333,752 | $ | 439,064 | $ | 414,436 | $ | 491,465 | $ | 145,954 | $ | 167,251 | ||||||||||||||
Add: Fixed charges | 91,182 | 98,404 | 132,048 | 189,717 | 312,396 | 62,477 | 105,787 | |||||||||||||||||||||
Total earnings | $ | 507,709 | $ | 432,156 | $ | 571,112 | $ | 604,153 | $ | 803,861 | $ | 208,431 | $ | 273,038 | ||||||||||||||
Interest expense | $ | 89,085 | $ | 95,815 | $ | 128,619 | $ | 185,908 | $ | 308,082 | $ | 61,412 | $ | 104,617 | ||||||||||||||
Rental expense, net of income | 2,097 | 2,589 | 3,429 | 3,809 | 4,314 | 1,065 | 1,170 | |||||||||||||||||||||
Total fixed charges | 91,182 | 98,404 | 132,048 | 189,717 | 312,396 | 62,477 | 105,787 | |||||||||||||||||||||
Preferred stock dividends | — | 12,933 | 19,595 | 21,204 | 15,714 | 5,575 | 3,397 | |||||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 91,182 | $ | 111,337 | $ | 151,643 | $ | 210,921 | $ | 328,110 | $ | 68,052 | $ | 109,184 | ||||||||||||||
Ratio of earnings to fixed charges(1) | 5.57 | 4.39 | 4.33 | 3.18 | 2.57 | 3.34 | 2.58 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1) | 5.57 | 3.88 | 3.77 | 2.86 | 2.45 | 3.06 | 2.50 | |||||||||||||||||||||
(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. |