Form: S-3ASR

Automatic shelf registration statement of securities of well-known seasoned issuers

October 22, 2013

Documents

 

Exhibit 12.2

Ratio of Earnings to Fixed Charges

 

    6 months ended
June 30

 

 

 Year ended December 31  
(Dollars in thousands)   2013     2012     2011     2010     2009     2008  
                                     
Earnings                                                
Income from continuing operations   $ 152,824     $ 306,839     $ 316,414     $ 269,762     $ 268,189     $ 45,797  
Fixed charges excluding preferred stock dividends     79,052       172,452       149,990       145,921       230,452       343,745  
Total   $ 231,876     $ 479,291     $ 466,404     $ 415,683     $ 498,641     $ 389,542  
                                                 
Fixed charges                                                
Interest on repurchase agreements, securitized debt and senior notes   $ 78,636     $ 171,670     $ 149,411     $ 145,125     $ 229,406     $ 342,688  
Interest on mortgages     0       0       0       392       642       654  
Estimate of interest component within rental expense     416       782       579       404       404       403  
Total   $ 79,052     $ 172,452     $ 149,990     $ 145,921     $ 230,452     $ 343,745  
                                                 
Ratio of earnings to fixed charges     2.93 x     2.78 x     3.11 x     2.85 x     2.16 x     1.13 x
                                                     

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

    6 months ended
June 30

 

 

 Year ended December 31  
(Dollars in thousands)   2013     2012     2011     2010     2009     2008  
                                     
Earnings                                                
Income from continuing operations   $ 152,824     $ 306,839     $ 316,414     $ 269,762     $ 268,189     $ 45,797  
Fixed charges excluding preferred stock dividends     79,052       172,452       149,990       145,921       230,452       343,745  
Total   $ 231,876     $ 479,291     $ 466,404     $ 415,683     $ 498,641     $ 389,542  
                                                 
Fixed charges and Preferred Stock Dividends                                                
Interest on repurchase agreements & securitized debt   $ 78,636     $ 171,670     $ 149,411     $ 145,125     $ 229,406     $ 342,688  
Interest on mortgages     0       0       0       392       642       654  
Preferred dividend requirements     6,250       8,160       8,160       8,160       8,160       8,160  
Insurance Costs of Redeemed Preferred Stock     3,947       0       0       0       0       0  
Estimate of interest component within rental expense     416       782       579       404       404       403  
Total   $ 89,249     $ 180,612     $ 158,150     $ 154,081     $ 238,612     $ 351,905  
                                                 
Ratio of earnings to combined fixed charges and preferred stock dividends     2.60 x     2.65 x     2.95 x     2.70 x     2.09 x     1.11 x