Bank of America (BAC) 10-Q 2018 Q2 Quarterly 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)	Six Months Ended June 30, 2018			2017			2016			2015			2014			2013
Excluding Interest on Deposits
Income before income taxes	$	16,892		$	29,213		$	25,021		$	22,187		$	7,963		$	14,733
Equity in undistributed earnings (loss) of unconsolidated subsidiaries	(42		)	(245		)	(262		)	(152		)	(222		)	(66		)
Fixed charges:
Interest expense	7,007			10,981			8,946			9,688			9,855			11,359
1/3 of net rent expense (1)	417			831			883			945			1,023			1,091
Total fixed charges	7,424			11,812			9,829			10,633			10,878			12,450
Preferred dividend requirements	920			2,528			2,361			2,068			1,506			1,746
Fixed charges and preferred dividends	8,344			14,340			12,190			12,701			12,384			14,196
Earnings	$	24,274		$	40,780		$	34,588		$	32,668		$	18,619		$	27,117
Ratio of earnings to fixed charges	3.27			3.45			3.52			3.07			1.71			2.18
Ratio of earnings to fixed charges and preferred dividends	2.91			2.84			2.84			2.57			1.50			1.91
				Year Ended December 31
(Dollars in millions)	Six Months Ended June 30, 2018			2017			2016			2015			2014			2013
Including Interest on Deposits
Income before income taxes	$	16,892		$	29,213		$	25,021		$	22,187		$	7,963		$	14,733
Equity in undistributed earnings (loss) of unconsolidated subsidiaries	(42		)	(245		)	(262		)	(152		)	(222		)	(66		)
Fixed charges:
Interest expense	8,710			12,912			9,961			10,549			10,935			12,755
1/3 of net rent expense (1)	417			831			883			945			1,023			1,091
Total fixed charges	9,127			13,743			10,844			11,494			11,958			13,846
Preferred dividend requirements	920			2,528			2,361			2,068			1,506			1,746
Fixed charges and preferred dividends	10,047			16,271			13,205			13,562			13,464			15,592
Earnings	$	25,977		$	42,711		$	35,603		$	33,529		$	19,699		$	28,513
Ratio of earnings to fixed charges	2.85			3.11			3.28			2.92			1.65			2.06
Ratio of earnings to fixed charges and preferred dividends	2.59			2.62			2.70			2.47			1.46			1.83

⁽¹⁾  Represents an appropriate interest factor.