EX-12.1 8 ex121_12312015.htm EXHIBIT 12.1
Exhibit 12.1
SLM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)

|  | Years Ended December 31,
|  | 2011 |  | 2012 |  | 2013 |  | 2014 |  | 2015
Income before income tax expense |  | $ | 87,848 |  |  | $ | 341,869 |  |  | $ | 416,527 |  |  | $ | 333,752 |  |  | $ | 439,064 |
Add: Fixed charges |  | 107,896 |  |  | 84,709 |  |  | 91,182 |  |  | 98,404 |  |  | 132,048 |
Total earnings |  | $ | 195,744 |  |  | $ | 426,578 |  |  | $ | 507,709 |  |  | $ | 432,156 |  |  | $ | 571,112 |
Interest expense |  | $ | 105,385 |  |  | $ | 82,912 |  |  | $ | 89,085 |  |  | $ | 95,815 |  |  | $ | 128,619 |
Rental expense, net of income |  | 2,511 |  |  | 1,797 |  |  | 2,097 |  |  | 2,589 |  |  | 3,429 |
Total fixed charges |  | 107,896 |  |  | 84,709 |  |  | 91,182 |  |  | 98,404 |  |  | 132,048 |
Preferred stock dividends |  | — |  |  | — |  |  | — |  |  | 12,933 |  |  | 19,595 |
Net income attributable to SLM Corporation common stock |  | $ | 107,896 |  |  | $ | 84,709 |  |  | $ | 91,182 |  |  | $ | 111,337 |  |  | $ | 151,643 |
Ratio of earnings to fixed charges(1) |  | 1.81 |  |  | 5.04 |  |  | 5.57 |  |  | 4.39 |  |  | 4.33 |
Ratio of earnings to fixed charges and preferred stock dividends(1) |  | 1.81 |  |  | 5.04 |  |  | 5.57 |  |  | 3.88 |  |  | 3.77 |

(1) For purposes of computing these ratios, earnings represent income before income tax expense plus fixed charges. Fixed charges represent interest expensed and capitalized plus one-third (the proportion deemed representative of the interest factor) of rents, net of income from subleases.