Please wait

 
 
Exhibit 12.1: Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements
(dollars in thousands) (unaudited)

 
  
For the Six Months
 
  
Ended June 30,
   
 
  
2004
2003
   
Including Interest on Deposits
 
 
 
Earnings:
 
 
 
Income before income taxes
 
$
1,773,700
 
$
1,527,154
 
Fixed charges
   
750,134
   
777,241
 
Interest capitalized during period, net of amortization of previously capitalized interest
   
(8,455
)
 
(6,697
)
   
 
 
Earnings, for computation purposes
 
$
2,515,379
 
$
2,297,698
 
   
 
 
Fixed Charges and Preferred Stock Dividend Requirements:
   
 
    
 
  
Interest on deposits, short-term borrowings, and long-term debt and bank notes,
  expensed or capitalized
  
$
747,671
 
$
776,350
 
Portion of rents representative of the interest factor
   
2,463
   
891
 
   
 
 
Fixed charges
   
750,134
   
777,241
 
Preferred stock dividend requirements
   
10,574
   
11,005
 
   
 		  
 
Fixed charges and preferred stock dividend requirements, including interest
  on deposits, for computation purposes
  
$
760,708
 
$
788,246
 
   
 
 
 
    
 
    
 
  
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,
  including interest on deposits
    
3.31
   
2.91
 
 
    
 
    
 
  
Excluding Interest on Deposits
   
 
    
 
  
Earnings:
   
 
    
 
  
Income before income taxes
 
$
1,773,700
 
$
1,527,154
 
Fixed charges
   
262,975
   
198,025
 
Interest capitalized during period, net of amortization of previously capitalized interest
   
(8,465
)
 
(6,707
)
   
 
 
Earnings, for computation purposes
 
$
2,028,210
 
$
1,718,472
 
   
 
 
Fixed Charges and Preferred Stock Dividend Requirements:
   
 
    
 
  
Interest on short-term borrowings and long-term debt and bank notes,
  expensed or capitalized
  
$
260,512
 
$
197,134
 
Portion of rents representative of the interest factor
   
2,463
   
891
 
   
 
 
Fixed charges
   
262,975
   
198,025
 
Preferred stock dividend requirements
   
10,574
   
11,005
 
   
 
 
Fixed charges and preferred stock dividend requirements, excluding interest
  on deposits, for computation purposes
 
$
273,549
 
$
209,030
 
   
 
 
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,
  excluding interest on deposits
   
7.41
   
8.22
 

 
The ratio of earnings to combined fixed charges and preferred stock dividend requirements is computed by dividing (i) income before income taxes and fixed charges less interest capitalized during such period, net of amortization of previously capitalized interest, by (ii) fixed charges and preferred stock dividend requirements. Fixed charges consist of interest, expensed or capitalized, on borrowings (including or excluding deposits, as applicable), and the portion of rental expense which is deemed representative of interest. The preferred stock dividend requirements represent the pre-tax earnings which would have been required to cover such dividend requirements on the Corporation's Preferred Stock outstanding.