EX-12.1 3 dp93081_ex1201.htm EXHIBIT 12.1

Exhibit 12.1

SLM CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in thousands)

		Year Ended December 31,																				Six Months Ended June 30,
		2013				2014				2015				2016				2017				2018
Income before income tax expense		$	416,527			$	333,752			$	439,064			$	414,436			$	491,465			$	317,157
Add: Fixed charges		91,182				98,404				132,048				189,717				312,396				228,409
Total earnings		$	507,709			$	432,156			$	571,112			$	604,153			$	803,861			$	545,566
Interest expense		$	89,085			$	95,815			$	128,619			$	185,908			$	308,082			$	225,978
Rental expense, net of income		2,097				2,589				3,429				3,809				4,314				2,431
Total fixed charges		91,182				98,404				132,048				189,717				312,396				228,409
Preferred stock dividends		—				12,933				19,595				21,204				15,714				7,317
Total fixed charges and preferred stock dividends		$	91,182			$	111,337			$	151,643			$	210,921			$	328,110			$	235,726
Ratio of earnings to fixed charges(1)		5.57				4.39				4.33				3.18				2.57				2.39
Ratio of earnings to fixed charges and preferred stock dividends(1)		5.57				3.88				3.77				2.86				2.45				2.31

(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.