Bank of America (BAC) 10-K 2017 FY Annual report

Bank of America Corporation and Subsidiaries										Exhibit 12
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
	Year Ended December 31
(Dollars in millions)	2017			2016			2015			2014			2013
Excluding Interest on Deposits
Income before income taxes	$	29,213		$	25,021		$	22,187		$	7,963		$	14,733
Equity in undistributed earnings (loss) of unconsolidated subsidiaries	(245		)	(262		)	(152		)	(222		)	(66		)
Fixed charges:
Interest expense	10,981			8,946			9,688			9,855			11,359
1/3 of net rent expense (1)	831			883			945			1,023			1,091
Total fixed charges	11,812			9,829			10,633			10,878			12,450
Preferred dividend requirements	2,528			2,361			2,068			1,506			1,746
Fixed charges and preferred dividends	14,340			12,190			12,701			12,384			14,196
Earnings	$	40,780		$	34,588		$	32,668		$	18,619		$	27,117
Ratio of earnings to fixed charges	3.45			3.52			3.07			1.71			2.18
Ratio of earnings to fixed charges and preferred dividends	2.84			2.84			2.57			1.50			1.91
	Year Ended December 31
(Dollars in millions)	2017			2016			2015			2014			2013
Including Interest on Deposits
Income before income taxes	$	29,213		$	25,021		$	22,187		$	7,963		$	14,733
Equity in undistributed earnings (loss) of unconsolidated subsidiaries	(245		)	(262		)	(152		)	(222		)	(66		)
Fixed charges:
Interest expense	12,912			9,961			10,549			10,935			12,755
1/3 of net rent expense (1)	831			883			945			1,023			1,091
Total fixed charges	13,743			10,844			11,494			11,958			13,846
Preferred dividend requirements	2,528			2,361			2,068			1,506			1,746
Fixed charges and preferred dividends	16,271			13,205			13,562			13,464			15,592
Earnings	$	42,711		$	35,603		$	33,529		$	19,699		$	28,513
Ratio of earnings to fixed charges	3.11			3.28			2.92			1.65			2.06
Ratio of earnings to fixed charges and preferred dividends	2.62			2.70			2.47			1.46			1.83

⁽¹⁾  Represents an appropriate interest factor.