Discover 2010 Annual Report Download - page 176
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Exhibit 12
DISCOVER FINANCIAL SERVICES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended November 30,
2010 2009 2008 2007 2006
(dollars in millions)
Earnings:
Income from continuing operations before income tax expense .............................. $1,268,859 $2,120,898 $1,657,605 $1,525,714 $1,667,753
Losses from unconsolidated investees .............................................................. 4,143 3,396 3,946 4,279 2,968
Total earnings ............................................................................................... 1,273,002 2,124,294 1,661,551 1,529,993 1,670,721
Fixed Charges(1):
Total interest expense................................................................................... 1,582,988 1,251,285 1,288,004 1,223,271 836,279
Interest factor in rents................................................................................... 4,740 4,383 4,777 3,489 2,947
Preferred stock requirements ......................................................................... 39,488 72,890 0 0 0
Total fixed charges......................................................................................... 1,627,216 1,328,558 1,292,781 1,226,760 839,226
Earnings from continuing operations before income tax expense and fixed charges... $2,900,218 $3,452,852 $2,954,332 $2,756,753 $2,509,947
Ratio of earnings to fixed charges.................................................................... 1.8 2.6 2.3 2.2 3.0
(1) Fixed charges are the sum of interest expense, amortized premiums, discounts and capitalized expenses related to indebtedness, an estimate of interest within rental expense and preference
security dividend requirements.