EXHIBIT 12.2
Published on April 2, 2012
Exhibit 12.2
Ratio of Earnings to Fixed Charges
| Year ended December 31 | ||||||||||||||||||||
| (Dollars in thousands) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
| Earnings | ||||||||||||||||||||
| Income from continuing operations | $ | 316,414 | $ | 269,762 | $ | 268,189 | $ | 45,797 | $ | 30,210 | ||||||||||
| Fixed charges | 149,990 | 145,921 | 230,452 | 343,745 | 322,315 | |||||||||||||||
| Total | $ | 466,404 | $ | 415,683 | $ | 498,641 | $ | 389,542 | $ | 352,525 | ||||||||||
| Fixed charges | ||||||||||||||||||||
| Interest on repurchase agreements & securitized debt | $ | 149,411 | $ | 145,125 | $ | 229,406 | $ | 342,688 | $ | 321,305 | ||||||||||
| Interest on mortgages | 0 | 392 | 642 | 654 | 664 | |||||||||||||||
| Estimate of interest component within rental expense | 579 | 404 | 404 | 403 | 346 | |||||||||||||||
| Total | $ | 149,990 | $ | 145,921 | $ | 230,452 | $ | 343,745 | $ | 322,315 | ||||||||||
| Ratio of earnings to fixed charges | 3.11 | x | 2.85 | x | 2.16 | x | 1.13 | x | 1.09 | x | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| Year ended December 31 | ||||||||||||||||||||
| (Dollars in thousands) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
| Earnings | ||||||||||||||||||||
| Income from continuing operations | $ | 316,414 | $ | 269,762 | $ | 268,189 | $ | 45,797 | $ | 30,210 | ||||||||||
| Fixed charges excluding preferred stock dividends | 149,990 | 145,921 | 230,452 | 343,745 | 322,315 | |||||||||||||||
| Total | $ | 466,404 | $ | 415,683 | $ | 498,641 | $ | 389,542 | $ | 352,525 | ||||||||||
| Fixed charges and Preferred Stock Dividends | ||||||||||||||||||||
| Interest on repurchase agreements & securitized debt | $ | 149,411 | $ | 145,125 | $ | 229,406 | $ | 342,688 | $ | 321,305 | ||||||||||
| Interest on mortgages | 0 | 392 | 642 | 654 | 664 | |||||||||||||||
| Preferred stock dividend requirements | 8,160 | 8,160 | 8,160 | 8,160 | 8,160 | |||||||||||||||
| Estimate of interest component within rental expense | 579 | 404 | 404 | 403 | 346 | |||||||||||||||
| Total | $ | 158,150 | $ | 154,081 | $ | 238,612 | $ | 351,905 | $ | 330,475 | ||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 2.95 | x | 2.70 | x | 2.09 | x | 1.11 | x | 1.07 | x | ||||||||||