Please wait


Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The table below sets forth our consolidated ratios of earnings to fixed charges and preferred stock dividends for the periods presented:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
Excluding Interest on Deposits:
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
Interest expense (excluding interest on deposits)
$
83,501

 
$
67,048

 
$
75,020

 
$
52,977

 
$
38,899

Interest factor in rent expense
5,631

 
6,305

 
6,631

 
5,821

 
4,378

Dividends on preferred stock (2)
16,069

 
16,312

 
16,146

 
2,335

 
—

Total fixed charges
$
105,201

 
$
89,665

 
$
97,797

 
$
61,133

 
$
43,277

 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes
$
207,159

 
$
238,571

 
$
218,040

 
$
115,997

 
$
81,514

Fixed charges (1)
105,201

 
89,665

 
97,797

 
61,133

 
43,277

Dividends on preferred stock (2)
(16,069
)
 
(16,312
)
 
(16,146
)
 
(2,335
)
 
—

Total Earnings
$
296,291

 
$
311,924

 
$
299,691

 
$
174,795

 
$
124,791

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges, excluding interest on deposits
2.8

 
3.5

 
3.1

 
2.9

 
2.9

 
 
 
 
 
 
 
 
 
 
Including Interest on Deposits:
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
Interest expense
$
210,900

 
$
168,960

 
$
176,772

 
$
141,762

 
$
135,910

Interest factor in rent expense
5,631

 
6,305

 
6,631

 
5,821

 
4,378

Dividends on preferred stock (2)
16,069

 
16,312

 
16,146

 
2,335

 
—

Total fixed charges
$
232,600

 
$
191,577

 
$
199,549

 
$
149,918

 
$
140,288

 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes
$
207,159

 
$
238,571

 
$
218,040

 
$
115,997

 
$
81,514

Fixed charges (1)
232,600

 
191,577

 
199,549

 
149,918

 
140,288

Dividends on preferred stock (2)
(16,069
)
 
(16,312
)
 
(16,146
)
 
(2,335
)
 
—

Total Earnings
$
423,690

 
$
413,836

 
$
401,443

 
$
263,580

 
$
221,802

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges, including interest on deposits
1.8

 
2.2

 
2.0

 
1.8

 
1.6

(1)     Preferred share dividends paid on private shares are excluded.
(2)    Dividends on preferred stock have been grossed up by the effective tax rate for the period.
The term "fixed charges" means the sum of the following: (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness, (c) an estimate of the interest within rental expense, and (d) preference security dividend requirements of consolidated subsidiaries.
The term "earnings" is the amount resulting from adding and subtracting the following items. Add the following: (a) pre-tax income from continuing operations before adjustment for income or loss from equity investees; (b) fixed charges; (c) amortization of capitalized interest; (d) distributed income of equity investees; and (e) your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges. From the total of the added items, subtract the following: (a) interest capitalized; (b) preference security dividend requirements of consolidated subsidiaries; and (c) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.


1