Discover 2009 Annual Report Download - page 171
Download and view the complete annual report
Please find page 171 of the 2009 Discover annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161 -
162 -
163 -
164 -
165 -
166 -
167 -
168 -
169 -
170 -
171 -
172 -
173 -
174 -
175 -
176 -
177 -
178
 |
 |
Exhibit 12
DISCOVER FINANCIAL SERVICES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended November 30,
2009 2008 2007 2006 2005
(dollars in millions)
Earnings:
Income from continuing operations before income tax expense .............................. $2,120,898 $1,657,605 $1,525,714 $1,667,753 $ 956,036
Losses from unconsolidated investees .............................................................. 3,396 3,946 4,279 2,968 2,089
Total earnings ............................................................................................... 2,124,294 1,661,551 1,529,993 1,670,721 958,125
Fixed Charges(1): .............................................................................................
Total interest expense................................................................................... 1,251,285 1,288,004 1,223,271 836,279 718,212
Interest factor in rents................................................................................... 4,383 4,777 3,489 2,947 2,826
Total fixed charges......................................................................................... 1,255,668 1,292,781 1,226,760 839,226 721,038
Preferred stock requirements ........................................................................... 88 ————
Earnings from continuing operations before income tax expense and fixed charges... $3,379,962 $2,954,332 $2,756,753 $2,509,947 $1,679,163
Ratio of earnings to fixed charges.................................................................... 2.7 2.3 2.2 3.0 2.3
Earnings from continuing operations before income tax expense, fixed charges and
preferred stock requirements ......................................................................... $3,380,050 $2,954,332 $2,756,753 $2,509,947 $1,679,163
Ratio of earnings to fixed charges and preferred stock requirements .................... 2.3 2.3 2.2 3.0 2.3
(1) Fixed charges defined as interest expensed, amortized premiums discounts and capitalized expenses related to indebtedness and interest within rental expense.