Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - TD AMERITRADE HOLDING CORP | amtd_20180930xex311.htm |
| EX-32.1 - EXHIBIT 32.1 - TD AMERITRADE HOLDING CORP | amtd_20180930xex321.htm |
| EX-31.2 - EXHIBIT 31.2 - TD AMERITRADE HOLDING CORP | amtd_20180930xex312.htm |
| EX-23.1 - EXHIBIT 23.1 - TD AMERITRADE HOLDING CORP | amtd_20180930xex231.htm |
| EX-21.1 - EXHIBIT 21.1 - TD AMERITRADE HOLDING CORP | amtd_20180930xex211.htm |
| EX-10.18 - EXHIBIT 10.18 - TD AMERITRADE HOLDING CORP | amtd_20180930xex1018.htm |
| 10-K - 10-K - TD AMERITRADE HOLDING CORP | amtd_20180930x10k.htm |
EXHIBIT 12
TD Ameritrade Holding Corporation | ||||||||||||||||||||
Computation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Fiscal Year Ended September 30, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Determination of earnings: | ||||||||||||||||||||
Pre-tax income | $ | 1,887 | $ | 1,394 | $ | 1,265 | $ | 1,288 | $ | 1,270 | ||||||||||
Fixed charges | 149 | 99 | 78 | 65 | 47 | |||||||||||||||
Less: Capitalized interest | (1 | ) | (1 | ) | (1 | ) | — | — | ||||||||||||
Undistributed income of equity investee | — | — | — | — | — | |||||||||||||||
Earnings (A) | $ | 2,035 | $ | 1,492 | $ | 1,342 | $ | 1,353 | $ | 1,317 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on borrowings (1) | $ | 99 | $ | 71 | $ | 53 | $ | 43 | $ | 25 | ||||||||||
Capitalized interest | 1 | 1 | 1 | — | — | |||||||||||||||
Brokerage interest expense | 21 | 9 | 7 | 6 | 6 | |||||||||||||||
Interest portion of rent expense | 28 | 18 | 17 | 16 | 16 | |||||||||||||||
Total fixed charges (B) | $ | 149 | $ | 99 | $ | 78 | $ | 65 | $ | 47 | ||||||||||
Ratio of earnings to fixed charges (A) ÷ (B) | 13.7 | 15.1 | 17.2 | 20.8 | 28.0 | |||||||||||||||
Ratio of earnings to fixed charges, excluding brokerage interest expense (2) | 15.7 | 16.5 | 18.8 | 22.8 | 32.0 | |||||||||||||||
(1) Interest on borrowings includes amortization of capitalized debt issuance costs.
(2) Because interest expense incurred in connection with brokerage activities is completely offset by brokerage interest revenue, the Company considers such interest to be a reduction of net revenues. Accordingly, the ratio of earnings to fixed charges, excluding brokerage interest expense, reflects the elimination of such interest expense from fixed charges.