BB&T 2014 Annual Report Download - page 157
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Exhibit 12
BB&T Corporation
Earnings To Fixed Charges (1)
Year Ended December 31,
2014 2013 2012 2011 2010
(Dollars in millions)
Earnings:
Income before income taxes $ 2,986 $ 3,124 $ 2,792 $ 1,628 $ 969
Plus:
Fixed charges 843 967 1,130 1,442 1,855
Loss from equity method investees, net 141 151 150 101 79
Distributions from equity method investees 9 9 6 7 2
Less:
Capitalized interest 1 ― ― ― ―
Earnings 3,978 4,251 4,078 3,178 2,905
Less:
Interest on deposits 239 301 429 610 917
Earnings, excluding interest on deposits $ 3,739 $ 3,950 $ 3,649 $ 2,568 $ 1,988
Fixed charges:
Interest expense $ 768 $ 891 $ 1,060 $ 1,378 $ 1,795
Capitalized interest 1 ― ― ― ―
Interest portion of rent expense 74 76 70 64 60
Total fixed charges 843 967 1,130 1,442 1,855
Less:
Interest on deposits 239 301 429 610 917
Total fixed charges excluding interest on deposits 604 666 701 832 938
Dividends/accretion on preferred stock (2) 199 211 87 ― ―
Total fixed charges and preferred dividends $ 1,042 $ 1,178 $ 1,217 $ 1,442 $ 1,855
Total fixed charges and preferred dividends, excluding interest on deposits $ 803 $ 877 $ 788 $ 832 $ 938
Earnings to fixed charges:
Including interest on deposits 4.72x 4.40x 3.61x 2.20x 1.57x
Excluding interest on deposits 6.19x 5.93x 5.21x 3.09x 2.12x
Earnings to fixed charges and preferred dividends:
Including interest on deposits 3.82x 3.61x 3.35x 2.20x 1.57x
Excluding interest on deposits 4.66x 4.50x 4.63x 3.09x 2.12x
(1) Prior periods have been revised to remove losses on equity method investees and to remove the adjustment for noncontrolling interests that incurred
fixed charges.
(2) Dividends on preferred stock have been grossed up by the effective tax rate for the period.
Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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