SFI-12.31.2012-Ex12.2

Exhibit 12.2

Computation of Ratio of Adjusted EBITDA to Interest Expense and Preferred Dividends

($ in thousands, except ratios)



	For the Years Ended December 31,
	2012			2011			2010			2009			2008
Adjusted EBITDA (1):
Net income (loss)	$	(241,430	)	$	(25,693	)	$	80,206		$	(769,847	)	$	(181,767	)
Add: Interest expense (2)	356,161			345,914			346,500			481,116			666,706
Add: Income tax expense (benefit)	8,445			(4,719		)	7,023			4,141			10,375
Add: Depreciation and amortization (3)	70,786			63,928			70,786			98,238			102,745
Add: Provision for loan losses	81,740			46,412			331,487			1,255,357			1,029,322
Add: Impairment of assets (4)	36,354			22,386			22,381			141,018			334,830
Add: Stock-based compensation expense	15,293			29,702			19,355			23,593			23,542
Less: (Gain) loss on early extinguishment of debt, net (5)	22,405			(101,466		)	(110,075		)	(547,349		)	(393,131		)
Total Adjusted EBITDA (1)(6)	$	349,754		$	376,464		$	767,663		$	686,267		$	1,592,622
Interest expense and preferred dividends:
Interest expense (2)	$	356,161		$	345,914		$	346,500		$	481,116		$	666,706
Preferred dividends	42,320			42,320			42,320			42,320			42,320
Total interest expense and preferred dividends	$	398,481		$	388,234		$	388,820		$	523,436		$	709,026
Adjusted EBITDA/Interest expense and preferred dividends	0.9x			1.0x			2.0x			1.3x			2.2x

Explanatory Notes:

_______________________________________________________________________________

(1)

Adjusted EBITDA should be examined in conjunction with net income (loss) as shown in the Company's Consolidated Statements of Operations. Adjusted EBITDA should not be considered as an alternative to net income (loss) (determined in accordance with GAAP), as an indicator of the Company's performance, or to cash flows from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is Adjusted EBITDA an indicative of funds available to fund the Company's cash needs or available for distribution to shareholders. Rather, Adjusted EBITDA is an additional measure for the Company to use to analyze how the business is performing. It should be noted that the Company's manner of calculating Adjusted EBITDA may differ from the calculations of similarly-titled measures by other companies. See computation of Adjusted EBITDA on page 36.


(2)	For the years ended December 31, 2012, 2011, 2010, 2009 and 2008, interest expense includes $1,064, $3,728, $32,734, $69,227 and $51,173, respectively, of interest expense reclassified to discontinued operations.


(3)	For the years ended December 31, 2012, 2011, 2010, 2009 and 2008, depreciation and amortization includes $1,436, $5,266, $13,566, $41,547, and $45,973, respectively, of depreciation and amortization reclassified to discontinued operations.


(4)	For the years ended December 31, 2012, 2011, 2010, 2009, 2008 impairment of assets includes $22,576, $9,147, $9,572, $26,901 and $31,219 of impairment of assets reclassified to discontinued operations.


(5)	For the years ended December 31, 2012 and 2010, (Gain) loss on early extinguishment of debt excludes the portion of losses paid in cash of $15,411 and $1,152, respectively.


(6)	Prior year presentation has been restated to conform to current period presentation.