EX-12 2 fult12312016ex12.htm COMPUTATION OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12


COMPUTATION OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES


 
For the Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
     Income before income taxes
$
208,249

 
$
199,423

 
$
210,500

 
$
212,925

 
$
217,446

     Interest expense, including interest on deposits
82,328

 
83,795

 
81,211

 
82,495

 
103,168

     Estimated interest component of net rental expense (1)
6,047

 
5,935

 
5,932

 
6,202

 
6,301

Amortization of debt discount (premium) and expenses, including amounts capitalized
617

 
585

 
334

 
315

 
297

          Earnings
297,241

 
289,738

 
297,977

 
301,937

 
327,212

 
 
 
 
 
 
 
 
 
 
     Less: Interest expense on deposits
(44,693
)
 
(40,482
)
 
(35,110
)
 
(36,770
)
 
(56,895
)
          Earnings, excluding interest on deposits
$
252,548

v
$
249,256

 
$
262,867

 
$
265,167

 
$
270,317

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
     Interest expense, including capitalized interest
82,328

 
83,795

 
81,211

 
82,495

 
103,168

     Interest portion of rent expense (1)
6,047

 
5,935

 
5,932

 
6,202

 
6,301

Amortization of debt discount (premium) and expenses, including amounts capitalized
617

 
585

 
334

 
315

 
297

          Total fixed charges
88,992

 
90,315

 
87,477

 
89,012

 
109,766

 
 
 
 
 
 
 
 
 
 
     Less: Interest expense on deposits
(44,693
)
 
(40,482
)
 
(35,110
)
 
(36,770
)
 
(56,895
)
          Earnings, excluding interest on deposits
$
44,299

 
$
49,833

 
$
52,367

 
$
52,242

 
$
52,871

 
 
 
 
 
 
 
 
 
 
Earnings to fixed charges:
 
 
 
 
 
 
 
 
 
     Including interest on deposits
3.34

 
3.21

 
3.41

 
3.39

 
2.98

     Excluding interest on deposits
5.70

 
5.00

 
5.02

 
5.08

 
5.11


(1) The proportion, estimated at one-third, of rental expense deemed representative of interest.

The ratio of earnings to fixed charges is computed by dividing earnings by the aggregate of fixed charges. For purposes of computing these ratios, earnings consist of income before income taxes, plus fixed charges. Fixed charges consist of interest expense, the proportion, estimated at one-third, of rental expense deemed representative of interest, and amortization of premiums, discounts and capitalized expenses related to indebtedness.