Annual Reports

  • 10-K (Feb 26, 2014)
  • 10-K (Feb 27, 2013)
  • 10-K (Feb 25, 2011)
  • 10-K (Feb 26, 2010)
  • 10-K (Feb 27, 2009)
  • 10-K (Feb 29, 2008)

 
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Wells Fargo 10-K 2009
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EXHIBIT 12(b)
WELLS FARGO & COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS
 
                                         
    Year ended December 31,  
(in millions)   2008     2007     2006     2005     2004  
 
 
                                       
Earnings including interest on deposits (1):
                                       
Income before income tax expense
  $ 3,257     $ 11,627     $ 12,650     $ 11,548     $ 10,769  
Fixed charges
    9,991       14,428       12,498       7,656       4,017  
 
                             
 
  $ 13,248     $ 26,055     $ 25,148     $ 19,204     $ 14,786  
 
                             
 
                                       
Preferred dividend requirement
  $ 286     $ --     $ --     $ --     $ --  
Ratio of income before income tax expense
    1.23       1.44       1.50       1.51       1.54  
 
                             
 
                                       
Preferred dividends (2)
  $ 351     $ --     $ --     $ --     $ --  
 
                             
Fixed charges (1):
                                       
Interest expense
    9,755       14,203       12,288       7,458       3,817  
Estimated interest component of net rental expense
    236       225       210       198       200  
 
                             
 
    9,991       14,428       12,498       7,656       4,017  
 
                             
Fixed charges and preferred dividends
  $ 10,342     $ 14,428     $ 12,498     $ 7,656     $ 4,017  
 
                             
 
                                       
Ratio of earnings to fixed charges and preferred dividends (3)
    1.28       1.81       2.01       2.51       3.68  
 
                             
 
                                       
Earnings excluding interest on deposits:
                                       
Income before income tax expense
  $ 3,257     $ 11,627     $ 12,650     $ 11,548     $ 10,769  
Fixed charges
    5,470       6,276       5,324       3,808       2,190  
 
                             
 
  $ 8,727     $ 17,903     $ 17,974     $ 15,356     $ 12,959  
 
                             
 
                                       
Preferred dividends (2)
  $ 351     $ --     $ --     $ --     $ --  
 
                             
Fixed charges:
                                       
Interest expense
    9,755       14,203       12,288       7,458       3,817  
Less interest on deposits
    4,521       8,152       7,174       3,848       1,827  
Estimated interest component of net rental expense
    236       225       210       198       200  
 
                             
 
    5,470       6,276       5,324       3,808       2,190  
 
                             
Fixed charges and preferred dividends
  $ 5,821     $ 6,276     $ 5,324     $ 3,808     $ 2,190  
 
                             
 
                                       
Ratio of earnings to fixed charges and preferred dividends (3)
    1.50       2.85       3.38       4.03       5.92  
 
                             
 
 
(1)   As defined in Item 503(d) of Regulation S-K.
 
(2)   The preferred dividends, including accretion, were increased to amounts representing the pretax earnings that would be required to cover such dividend and accretion requirements.
 
(3)   These computations are included herein in compliance with Securities and Exchange Commission regulations. However, management believes that fixed charge ratios are not meaningful measures for the business of the Company because of two factors. First, even if there was no change in net income, the ratios would decline with an increase in the proportion of income which is tax-exempt or, conversely, they would increase with a decrease in the proportion of income which is tax-exempt. Second, even if there was no change in net income, the ratios would decline if interest income and interest expense increase by the same amount due to an increase in the level of interest rates or, conversely, they would increase if interest income and interest expense decrease by the same amount due to a decrease in the level of interest rates.

 

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