Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
The Bank of New York Mellon Corporation
Year ended Dec. 31, | |||||||||||||||
(dollar amounts in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
Earnings | |||||||||||||||
Income before income taxes | $ | 4,235 | $ | 3,563 | $ | 3,777 | $ | 3,357 | $ | 3,685 | |||||
Net (income) attributable to noncontrolling interests | (64 | ) | (84 | ) | (81 | ) | (78 | ) | (53 | ) | |||||
Income before income taxes attributable to shareholders of The Bank of New York Mellon Corporation | 4,171 | 3,479 | 3,696 | 3,279 | 3,632 | ||||||||||
Fixed charges, excluding interest on deposits | 373 | 380 | 349 | 484 | 480 | ||||||||||
Income from income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation | 4,544 | 3,859 | 4,045 | 3,763 | 4,112 | ||||||||||
Interest on deposits | 37 | 83 | 105 | 154 | 241 | ||||||||||
Income before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation | $ | 4,581 | $ | 3,942 | $ | 4,150 | $ | 3,917 | $ | 4,353 | |||||
Fixed charges | |||||||||||||||
Interest expense, excluding interest on deposits | $ | 263 | $ | 271 | $ | 238 | $ | 380 | $ | 363 | |||||
One-third net rental expense (a) | 110 | 109 | 111 | 104 | 117 | ||||||||||
Total fixed charges, excluding interest on deposits | 373 | 380 | 349 | 484 | 480 | ||||||||||
Interest on deposits | 37 | 83 | 105 | 154 | 241 | ||||||||||
Total fixed charges, including interests on deposits | $ | 410 | $ | 463 | $ | 454 | $ | 638 | $ | 721 | |||||
Preferred stock dividends (b) | $ | 105 | $ | 73 | $ | 64 | $ | 18 | $ | — | |||||
Total fixed charges and preferred stock dividends, excluding interest on deposits | $ | 478 | $ | 453 | $ | 413 | $ | 502 | $ | 480 | |||||
Total fixed charges and preferred stock dividends, including interest on deposits | $ | 515 | $ | 536 | $ | 518 | $ | 656 | $ | 721 | |||||
Earnings to fixed charges ratios | |||||||||||||||
Excluding interest on deposits | 12.18 | 10.16 | 11.59 | 7.77 | 8.57 | ||||||||||
Including interest on deposits | 11.17 | 8.51 | 9.14 | 6.14 | 6.04 | ||||||||||
Earnings to fixed charges and preferred stock dividends ratios (b) | |||||||||||||||
Excluding interest on deposits | 9.51 | 8.52 | 9.79 | 7.50 | 8.57 | ||||||||||
Including interest on deposits | 8.90 | 7.35 | 8.01 | 5.97 | 6.04 |
(a) | The proportion deemed representative of the interest factor. |
(b) | Dividends were paid in 2015, 2014, 2013 and 2012 on the Series A and Series C preferred stock, which were issued in 2012. Dividends paid in 2015, 2014 and 2013 also include the Series D preferred stock, which was issued in 2013. Dividends paid in 2015 also include the Series E preferred stock, which was issued in 2015. |