Exhibit 12.1
COMPUTATION OF CONSOLIDATED RATIOS OF
EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
Year Ended December 31, | |||||||||||||||||||||||
(Dollars in thousands) | Nine Months ended September 30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||
Excluding Interest on Deposits | |||||||||||||||||||||||
Income before minority interest in net loss (income) of consolidated affiliates and income tax expense | $ | 121,510 | $ | 239,012 | $ | 161,283 | $ | 156,691 | $ | 105,710 | $ | 9,527 | |||||||||||
Income from equity investees | (585 | ) | (2,960 | ) | (470 | ) | — | — | — | ||||||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | 33,859 | 49,168 | 26,277 | 6,233 | 2,968 | 4,370 | |||||||||||||||||
Estimated interest component of rental expense | 2,515 | 4,074 | 3,612 | 3,432 | 3,695 | 3,658 | |||||||||||||||||
Total fixed charges | 36,374 | 53,242 | 29,889 | 9,665 | 6,663 | 8,028 | |||||||||||||||||
Minority interest in net loss (income) of consolidated affiliates | 7,445 | (28,596 | ) | (6,308 | ) | (3,396 | ) | (3,090 | ) | 7,689 | |||||||||||||
Total Earnings | $ | 164,744 | $ | 260,698 | $ | 184,394 | $ | 162,960 | $ | 109,283 | $ | 25,244 | |||||||||||
Ratio of earnings to fixed charges | 4.53 | 4.90 | 6.17 | 16.86 | 16.40 | 3.14 | |||||||||||||||||
Including Interest on Deposits | |||||||||||||||||||||||
Income before minority interest in net loss (income) of consolidated affiliates and income tax expense | $ | 121,510 | $ | 239,012 | $ | 161,283 | $ | 156,691 | $ | 105,710 | $ | 9,527 | |||||||||||
Income from equity investees | (585 | ) | (2,960 | ) | (470 | ) | — | — | — | ||||||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | 50,767 | 62,453 | 35,182 | 17,166 | 11,391 | 13,453 | |||||||||||||||||
Estimated interest component of rental expense | 2,515 | 4,074 | 3,612 | 3,432 | 3,695 | 3,658 | |||||||||||||||||
Total fixed charges | 53,282 | 66,527 | 38,794 | 20,598 | 15,086 | 17,111 | |||||||||||||||||
Minority interest in net loss (income) of consolidated affiliates | 7,445 | (28,596 | ) | (6,308 | ) | (3,396 | ) | (3,090 | ) | 7,689 | |||||||||||||
Total Earnings | $ | 181,652 | $ | 273,983 | $ | 193,299 | $ | 173,893 | $ | 117,706 | $ | 34,327 | |||||||||||
Ratio of earnings to fixed charges | 3.41 | 4.12 | 4.98 | 8.44 | 7.80 | 2.01 | |||||||||||||||||