EX-12.1: RATIO OF EARNINGS
Published on October 22, 2010
Exhibit
12.1
|
Ratio
of Earnings to Fixed Charges and Preferred Stock Dividends
|
||||||||||||||||||||||||
|
Year
ended December 31
|
||||||||||||||||||||||||
|
(Dollars
in thousands)
|
Six
months ended
June
30, 2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||||
|
Earnings
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 130,967 | $ | 268,189 | $ | 45,797 | $ | 30,210 | $ | 5,236 | $ | 6,794 | ||||||||||||
|
Fixed
charges excluding preferred stock dividends
|
74,656 | 230,452 | 343,745 | 322,315 | 182,772 | 184,681 | ||||||||||||||||||
|
Total
|
$ | 205,623 | $ | 498,641 | $ | 389,542 | $ | 352,525 | $ | 188,008 | $ | 191,475 | ||||||||||||
|
Fixed
charges and Preferred Stock Dividends
|
||||||||||||||||||||||||
|
Interest
on repurchase agreements
|
$ | 74,192 | $ | 229,406 | $ | 342,688 | $ | 321,305 | $ | 181,922 | $ | 183,833 | ||||||||||||
|
Interest
on mortgages
|
262 | 642 | 654 | 664 | 675 | 682 | ||||||||||||||||||
|
Preferred
stock dividend requirements
|
4,080 | 8,160 | 8,160 | 8,160 | 8,160 | 8,160 | ||||||||||||||||||
|
Estimate
of interest component within rental expense
|
202 | 404 | 403 | 346 | 175 | 166 | ||||||||||||||||||
|
Total
|
$ | 78,736 | $ | 238,612 | $ | 351,905 | $ | 330,475 | $ | 190,932 | $ | 192,841 | ||||||||||||
|
Ratio
of earnings to fixed charges and preferred stock dividends
|
2.61 | x | 2.09 | x | 1.11 | x | 1.07 | x | 0.98 | x | 0.99 | x | ||||||||||||