Exhibit 12.1
 
Ratio of Income To Combined Fixed Charges And Preferred Stock Dividends
 
The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock
 
dividends for the periods shown:
 
                                       
     
For the Year Ended
 
     
December 31, 2015
   
December 31, 2014
   
December 31, 2013
   
December 31, 2012
   
December 31, 2011
   
December 31, 2010
 
      (dollars in thousands)  
Net income before taxes
    250,349       589,207       362,688       327,768     $ 137,935     $ 249,161  
Add:
fixed charges (interest expense) (1)
    306,590       200,430       123,856       146,781       150,787       152,236  
 
preferred stock dividend
                                               
Income as adjusted
    556,939       789,637       486,544       474,549     $ 288,722     $ 401,397  
Fixed charges (interest expense) + preferred stock dividend
    306,590       200,430       123,856       146,781     $ 150,787     $ 152,236  
Ratio of income (losses) to combined fixed charges and preferred stock dividends
    1.82 x     3.94 x     3.93 x     3.23 x     1.91 x     2.64 x
Deficiency
  $ -     $ -     $ -     $ -     $ -     $ -  
(1) Includes effect of realized losses on interest rate swaps.