EX-12.1 3 d236427dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

Computation of Ratios of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Stock Dividends

				Six months ended								Year ended
				June 30,								December, 31,
				2016				2015				2015				2014				2013				2012				2011
Earnings:
1.		Income (loss) before income taxes		$	77,752			$	49,501			$	104,266			$	26,466			$	7,908			$	6,475			$	(2,711	)
2.		Add: Interest expense			27,426				19,523				42,621				32,862				23,282				8,479				6,037
3.		Earnings including interest on deposits			105,178				69,024				146,887				59,328				31,190				14,954				3,326
4.		Less: Interest expense on deposits			16,492				12,526				25,783				24,411				16,051				5,960				4,989
5.		Earnings excluding interest on deposits		$	88,686			$	56,498			$	121,104			$	34,917			$	15,139			$	8,994			$	(1,663	)
Fixed charges:
6.		Interest expense (Line 2)		$	27,426			$	19,523			$	42,621			$	32,862			$	23,282			$	8,479			$	6,037
7.		Interest portion on rental expense			2,809				2,683				5,460				4,331				2,532				1,025				202
8.		Including interest on deposits and capitalized interest			30,235				22,206				48,081				37,193				25,814				9,504				6,239
9.		Less interest expense on deposits (Line 4)			16,492				12,526				25,783				24,411				16,051				5,960				4,989
10.		Total fixed charges, excluding interest on deposits		$	13,743			$	9,680			$	22,298			$	12,782			$	9,763			$	3,544			$	1,250
Fixed charges and preferred stock dividends:
11.		Interest expense (Line 2)		$	27,426			$	19,523			$	42,621			$	32,862			$	23,282			$	8,479			$	6,037
12.		Interest portion on rental expense			2,809				2,683				5,460				4,331				2,532				1,025				202
13.		Preferred stock dividends			16,705				6,471				16,936				6,276				3,767				2,343				921
14.		Including interest on deposits, capitalized interest and preferred stock dividends			46,940				28,677				65,017				43,469				29,581				11,847				7,160
15.		Less interest expense on deposits (Line 4)			16,492				12,526				25,783				24,411				16,051				5,960				4,989
16.		Total fixed charges and preferred stock dividends, excluding interest on deposits		$	30,448			$	16,151			$	39,234			$	19,058			$	13,530			$	5,887			$	2,171
Ratio of earnings to fixed charges:
		Excluding interest on deposits (Line 5 divided by Line 10)			6.45				5.84				5.43				2.73				1.55				2.54				(1.33	)
		Including interest on deposits (Line 3 divided by Line 8)			3.48				3.11				3.05				1.60				1.21				1.57				0.53
		Deficiency		$	—			$	—			$	—			$	—			$	—			$	—			$	2,913
Ratio of earnings to fixed charges and preferred stock dividends:
		Excluding interest on deposits (Line 5 divided by Line 16)			2.91				3.50				3.09				1.83				1.12				1.53				(0.77	)
		Including interest on deposits (Line 3 divided by Line 14)			2.24				2.41				2.26				1.36				1.05				1.26				0.46
		Deficiency		$	—			$	—			$	—			$	—			$	—			$	—			$	3,834