Sallie Mae 2015 Annual Report Download - page 251
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Exhibit 12.1
SLM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Years Ended December 31,
2011 2012 2013 2014 2015
Income before income tax expense . . . . . . . $ 87,848 $ 341,869 $ 416,527 $ 333,752 $ 439,064
Add: Fixed charges. . . . . . . . . . . . . . . . . . . . 107,896 84,709 91,182 98,404 132,048
Total earnings . . . . . . . . . . . . . . . . . . . . . . . . $ 195,744 $ 426,578 $ 507,709 $ 432,156 $ 571,112
Interest expense . . . . . . . . . . . . . . . . . . . . . . $ 105,385 $ 82,912 $ 89,085 $ 95,815 $ 128,619
Rental expense, net of income . . . . . . . . . . . 2,511 1,797 2,097 2,589 3,429
Total fixed charges . . . . . . . . . . . . . . . . . . . . 107,896 84,709 91,182 98,404 132,048
Preferred stock dividends . . . . . . . . . . . . . . . — — — 12,933 19,595
Net income attributable to SLM
Corporation common stock . . . . . . . . . . . . . $ 107,896 $ 84,709 $ 91,182 $ 111,337 $ 151,643
Ratio of earnings to fixed charges(1) . . . . . 1.81 5.04 5.57 4.39 4.33
Ratio of earnings to fixed charges and
preferred stock dividends(1) . . . . . . . . . . . . 1.81 5.04 5.57 3.88 3.77
(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.