EXHIBIT 12.1

WASHINGTON MUTUAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

Year Ended December 31,

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

(dollars in millions)

 

Earnings, including interest on deposits(1):

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before
income taxes

 

$

4,770

 

$

5,379

 

$

3,931

 

$

5,993

 

$

5,977

 

Fixed charges

 

11,967

 

7,871

 

4,403

 

4,687

 

5,842

 

 

 

$

16,737

 

$

13,250

 

$

8,334

 

$

10,680

 

$

11,819

 

Fixed charges(1):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

11,786

 

$

7,702

 

$

4,234

 

$

4,534

 

$

5,726

 

Estimated interest component of net rental
expense

 

181

 

169

 

169

 

153

 

116

 

 

 

$

11,967

 

$

7,871

 

$

4,403

 

$

4,687

 

$

5,842

 

Ratio of earnings to fixed charges

 

1.40

 

1.68

 

1.89

 

2.28

 

2.02

 

Earnings, excluding interest on deposits(1):

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before
income taxes

 

$

4,770

 

$

5,379

 

$

3,931

 

$

5,993

 

$

5,977

 

Fixed charges

 

5,704

 

4,143

 

2,360

 

2,522

 

3,181

 

 

 

$

10,474

 

$

9,522

 

$

6,291

 

$

8,515

 

$

9,158

 

Fixed charges(1):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

11,786

 

$

7,702

 

$

4,234

 

$

4,534

 

$

5,726

 

Less: interest on deposits

 

(6,263

)

(3,728

)

(2,043

)

(2,165

)

(2,661

)

Estimated interest component of net rental
expense

 

181

 

169

 

169

 

153

 

116

 

 

 

$

5,704

 

$

4,143

 

$

2,360

 

$

2,522

 

$

3,181

 

Ratio of earnings to fixed charges

 

1.84

 

2.30

 

2.67

 

3.38

 

2.88

 

(1)          As defined in Item 503(d) of Regulation S-K