EXHIBIT 12.2
Published on November 16, 2016
Exhibit 12.2
Ratio of Earnings to Fixed Charges (excludes preferred stock dividends)
| YTD | Year ended December 31 | |||||||||||||||||||
| (Dollars in thousands) | 9/30/2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| Earnings |
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| Income from continuing operations |
$ | 240,031 | $ | 313,226 | $ | 313,504 | $ | 302,709 | $ | 306,839 | ||||||||||
| Fixed charges excluding preferred stock dividends |
144,123 | 177,800 | 160,629 | 164,929 | 172,452 | |||||||||||||||
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| Total |
$ | 384,154 | $ | 491,026 | $ | 474,133 | $ | 467,638 | $ | 479,291 | ||||||||||
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| Fixed charges |
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| Interest on repurchase agreements, securitized debt and senior notes |
$ | 143,487 | $ | 176,948 | $ | 159,808 | $ | 164,013 | $ | 171,670 | ||||||||||
| Interest on mortgages |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Estimate of interest component within rental expense |
636 | 852 | 821 | 916 | 782 | |||||||||||||||
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| Total |
$ | 144,123 | $ | 177,800 | $ | 160,629 | $ | 164,929 | $ | 172,452 | ||||||||||
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| Ratio of earnings to fixed charges (without preferred stock dividends) |
2.67x | 2.76x | 2.95x | 2.84x | 2.78 | |||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| YTD |
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| (Dollars in thousands) | 9/30/2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| Earnings |
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| Income from continuing operations |
$ | 240,031 | $ | 313,226 | $ | 313,504 | $ | 302,709 | $ | 306,839 | ||||||||||
| Fixed charges excluding preferred stock dividends |
144,123 | 177,800 | 160,629 | 168,876 | 172,452 | |||||||||||||||
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| Total |
$ | 384,154 | $ | 491,026 | $ | 474,133 | $ | 471,585 | $ | 479,291 | ||||||||||
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| Fixed charges and Preferred Stock Dividends |
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| Interest on repurchase agreements & securitized debt |
$ | 143,487 | $ | 176,948 | $ | 159,808 | $ | 164,013 | $ | 171,670 | ||||||||||
| Interest on mortgages |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Preferred dividend requirements |
11,250 | 15,000 | 15,000 | 13,750 | 8,160 | |||||||||||||||
| Issuance Costs of Redeemed Preferred Stock |
3,947 | |||||||||||||||||||
| Estimate of interest component within rental expense |
636 | 852 | 821 | 916 | 782 | |||||||||||||||
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| Total |
$ | 155,373 | $ | 192,800 | $ | 175,629 | $ | 182,626 | $ | 180,612 | ||||||||||
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| Ratio of earnings to fixed charges (including preferred stock dividends) |
2.47x | 2.55x | 2.70x | 2.58x | 2.65 | |||||||||||||||