eTrade 2011 Annual Report Download - page 210
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Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES
(in thousands, except ratio of earnings (loss) to fixed charges)
The ratio of earnings (loss) to fixed charges is computed by dividing fixed charges into income (loss) before income taxes and
discontinued operations less equity in the income (loss) of investments plus fixed charges less the preference securities dividend
requirement of consolidated subsidiaries. Fixed charges include, as applicable, interest expense, amortization of debt issuance costs,
the estimated interest component of rent expense (calculated as one-third of net rent expense) and the preference securities dividend
re
q
uirement of consolidated subsidiaries.
For the Year Ended December 31,
2011 2010 2009 2008 2007
Fixed charges:
Interest ex
p
ense
$488,641
$486,567
$ 852,766
$ 1,557,654
$ 2,102,446
Amortization of debt issue ex
p
ense
1,568
993
1,878
6,44
0
9,492
Estimated interest
p
ortion within rental ex
p
ense
6,558
7,574 8,316
8,968
8,912
Preference securities dividend requirements of
consolidated subsidiaries
—
—
—
—
—
Total fixed char
g
es
$496,767
$495,134 $ 862,960
$ 1,573,062
$ 2,120,850
Earnings:
Income (loss) before income taxes and discontinued
o
p
erations less e
q
uit
y
in income (loss) of investments
$187,089
$ (2,402)
$(1,826,815)
$(1,297,381)
$(2,182,951)
Fixed char
g
es
496,767
495,134
862,960
1,573,062
2,120,850
Less:
Preference securities dividend requirements of
consolidated subsidiaries
—
—
—
—
—
Earnin
g
s (loss)
$683,856
$492,732
$ (963,855)
$ 275,681
$ (62,101)
Ratio of earnin
g
s (loss) to fixed char
g
es
1.38
1.0
0
(1.12)
0.18
(0.03)
Excess (deficienc
y
) of earnin
g
s (loss) to fixed char
g
es
$187,089
$ (2,402)
$(1,826,815)
$(1,297,381)
$(2,182,951)