EX-12.1 2 ex121_123120171.htm EXHIBIT 12.1
Exhibit 12.1
SLM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)

|  | Years Ended December 31,
|  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
Income before income tax expense |  | $ | 416,527 |  |  | $ | 333,752 |  |  | $ | 439,064 |  |  | $ | 414,436 |  |  | $ | 491,465 |
Add: Fixed charges |  | 91,182 |  |  | 98,404 |  |  | 132,048 |  |  | 189,717 |  |  | 312,396 |
Total earnings |  | $ | 507,709 |  |  | $ | 432,156 |  |  | $ | 571,112 |  |  | $ | 604,153 |  |  | $ | 803,861 |
Interest expense |  | $ | 89,085 |  |  | $ | 95,815 |  |  | $ | 128,619 |  |  | $ | 185,908 |  |  | $ | 308,082 |
Rental expense, net of income |  | 2,097 |  |  | 2,589 |  |  | 3,429 |  |  | 3,809 |  |  | 4,314 |
Total fixed charges |  | 91,182 |  |  | 98,404 |  |  | 132,048 |  |  | 189,717 |  |  | 312,396 |
Preferred stock dividends |  | — |  |  | 12,933 |  |  | 19,595 |  |  | 21,204 |  |  | 15,714 |
Net income attributable to SLM Corporation common stock |  | $ | 91,182 |  |  | $ | 111,337 |  |  | $ | 151,643 |  |  | $ | 210,921 |  |  | $ | 328,110 |
Ratio of earnings to fixed charges(1) |  | 5.57 |  |  | 4.39 |  |  | 4.33 |  |  | 3.18 |  |  | 2.57 |
Ratio of earnings to fixed charges and preferred stock dividends(1) |  | 5.57 |  |  | 3.88 |  |  | 3.77 |  |  | 2.86 |  |  | 2.45 |

(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.