Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TD AMERITRADE HOLDING CORP | d885802d8k.htm |
| EX-5.1 - EX-5.1 - TD AMERITRADE HOLDING CORP | d885802dex51.htm |
| EX-1.1 - EX-1.1 - TD AMERITRADE HOLDING CORP | d885802dex11.htm |
| EX-4.2 - EX-4.2 - TD AMERITRADE HOLDING CORP | d885802dex42.htm |
EXHIBIT 12.1
TD Ameritrade Holding Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)
(Unaudited)
| Three Months Ended | Fiscal Year Ended September 30, | |||||||||||||||||||||||
| December 31, 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
| Determination of earnings: |
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| Pre-tax income |
$ | 334 | $ | 1,270 | $ | 1,088 | $ | 906 | $ | 1,017 | $ | 912 | ||||||||||||
| Fixed charges |
15 | 47 | 52 | 53 | 55 | 67 | ||||||||||||||||||
| Less: Capitalized interest |
— | — | (2 | ) | (2 | ) | (1 | ) | — | |||||||||||||||
| Undistributed income of equity investee |
— | — | (1 | ) | (1 | ) | — | — | ||||||||||||||||
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| Earnings (A) |
$ | 349 | $ | 1,317 | $ | 1,137 | $ | 956 | $ | 1,071 | $ | 979 | ||||||||||||
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| Fixed charges: |
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| Interest on borrowings (1) |
$ | 9 | $ | 25 | $ | 25 | $ | 28 | $ | 32 | $ | 45 | ||||||||||||
| Capitalized interest |
— | — | 2 | 2 | 1 | — | ||||||||||||||||||
| Brokerage interest expense |
2 | 6 | 7 | 6 | 5 | 6 | ||||||||||||||||||
| Interest portion of rent expense |
4 | 16 | 18 | 17 | 17 | 16 | ||||||||||||||||||
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| Total fixed charges (B) |
$ | 15 | $ | 47 | $ | 52 | $ | 53 | $ | 55 | $ | 67 | ||||||||||||
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| Ratio of earnings to fixed charges (A) ÷ (B) |
23.3 | 28.0 | 21.9 | 18.0 | 19.5 | 14.6 | ||||||||||||||||||
| Ratio of earnings to fixed charges, excluding brokerage interest expense (2) |
26.7 | 32.0 | 25.1 | 20.2 | 21.3 | 16.0 | ||||||||||||||||||
| (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. |