Exhibit 12.1
SYNCHRONY FINANCIAL
Ratio of Earnings to Fixed Charges
| Nine Months Ended September 30, |
Year Ended December 31, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
| Earnings (a) |
$ | 2,533 | $ | 3,142 | $ | 3,376 | $ | 3,010 | $ | 2,029 | $ | 695 | ||||||||||||
| Plus: |
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| Interest included in expense (b) |
608 | 703 | 694 | 884 | 1,051 | 799 | ||||||||||||||||||
| Amortization of debt expense and discount or premium on indebtedness |
32 | 39 | 51 | 48 | 43 | 41 | ||||||||||||||||||
| One third of rental expense (c) |
16 | 17 | 17 | 17 | 20 | 21 | ||||||||||||||||||
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| Adjusted “earnings” |
$ | 3,189 | $ | 3,901 | $ | 4,138 | $ | 3,959 | $ | 3,143 | $ | 1,556 | ||||||||||||
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| Fixed Charges: |
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| Interest included in expense (b) |
$ | 608 | $ | 703 | $ | 694 | $ | 884 | $ | 1,051 | $ | 799 | ||||||||||||
| Amortization of debt expense and discount or premium on indebtedness |
32 | 39 | 51 | 48 | 43 | 41 | ||||||||||||||||||
| One third of rental expense (c) |
16 | 17 | 17 | 17 | 20 | 21 | ||||||||||||||||||
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| Total fixed charges |
$ | 656 | $ | 759 | $ | 762 | $ | 949 | $ | 1,114 | $ | 861 | ||||||||||||
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| Ratio of earnings to fixed charges |
4.9 | 5.1 | 5.4 | 4.2 | 2.8 | 1.8 | ||||||||||||||||||
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| (a) | Earnings before income taxes |
| (b) | Includes interest on tax deficiencies |
| (c) | Considered to be representative of interest factor in rental expense |