eTrade 2005 Annual Report Download - page 579

Very truly yours,
E*TRADE FINANCIAL CORPORATION
By:
/s/ Robert J. Simmons
Name:
Robert J. Simmons
Title:
Chief Financial Officer
CONFIRMED AND ACCEPTED:
MORGAN STANLEY& CO. INCORPORATED,
as Remarketing Agent
By:
/s/ John D. Tyree
Name:
John D. Tyree
Title:
Executive Director
THE BANK OF NEW YORK,
not individually, but solely as Purchase Contract Agent
and as attorney-in-fact for the Holders of the Purchase
Contracts
By:
/s/ Stacey B.
Poindexter
Name:
Stacey B.
Poindexter
Title:
Assistant Vice
President
20
Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES
(in thousands, except ratio of earnings to fixed charges)
For the Year Ended December 31,
2005
2004
2003
2002
2001
Fixed charges:
Interest expense
$
850,280
$
557,980
$
531,721
$
608,890
$
832,137
Amortization of debt issue expense
2,840
2,083
3,084
3,217
3,432
Estimated interest portion within rental expense
7,560
5,281
9,417
9,557
15,912
Preference securities dividend requirements of
consol. subs
—
—
—
—
—
Total fixed charges
$
860,680
$
565,344
$
544,222
$
621,664
$
851,481
Earnings:
Income (loss) before income taxes, discontinued
operations and cumulative effect of accounting
change less equity in income (loss) of
investments
$
670,009
$
554,215
$
292,227
$
202,360
$
(254,763
)
Fixed charges
860,680
565,344
544,222
621,664
851,481
Less:

2006. EDGAR Online, Inc.