Exhibit 12.1
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RATIO OF AVAILABLE EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
Year Ended
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1996 1995 1994 1993 1992
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Net income before income taxes $71,731 $41,933 $49,680 $57,291 $45,217
Fixed charges (interest expense, net of
non-recourse interest expense, other CMO
expenses and provision for losses) 128,309 162,762 143,278 82,586 56,341
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Total Available Earnings (as defined) $200,040 $204,695 $192,958 $139,877 $101,588
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Preferred Stock Dividend
Requirements $10,009 $2,746 - - -
Ratio of Available Earnings
to Fixed Charges 1.56:1 1.26:1 1.35:1 1.69:1 1.80:1
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Ratio of Available Earnings to Combined
Fixed Charges and Preferred Stock
Dividends 1.52:1 1.25:1 1.35:1 1.69:1 1.80:1
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