EXHIBIT 12.1
Published on March 2, 2015
Exhibit 12.1
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Ratio of Income To Combined Fixed Charges And Preferred Stock Dividends
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The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock
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dividends for the periods shown:
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For the Year Ended
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December 31, 2014
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December 31, 2013
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December 31, 2012
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December 31, 2011
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December 31, 2010
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December 31, 2009
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(dollars in thousands)
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Net income before taxes
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589,207 | 362,688 | 327,768 | $ | 137,935 | $ | 249,161 | $ | 230,697 | ||||||||||||||||
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Add:
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fixed charges (interest expense) (1)
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200,430 | 123,856 | 146,781 | 150,787 | 152,236 | 35,083 | ||||||||||||||||||
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preferred stock dividend
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Income as adjusted
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789,637 | 486,544 | 474,549 | $ | 288,722 | $ | 401,397 | $ | 265,780 | ||||||||||||||||
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Fixed charges (interest expense) + preferred stock dividend
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200,430 | 123,856 | 146,781 | $ | 150,787 | $ | 152,236 | $ | 35,083 | ||||||||||||||||
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Ratio of income (losses) to combined fixed charges and preferred stock dividends
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3.94 | x | 3.93 | x | 3.23 | x | 1.91 | x | 2.64 | x | 7.58 | x | |||||||||||||
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Deficiency
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$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
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(1) Includes effect of realized losses on interest rate swaps.
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