Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in millions) | Nine Months Ended September 30, 2002 | Year Ended December 31 | |||||||||||||||||||||
2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||
Excluding Interest on Deposits | |||||||||||||||||||||||
Income before income taxes | $ | 9,880 | $ | 10,117 | $ | 11,788 | $ | 12,215 | $ | 8,048 | $ | 10,556 | |||||||||||
Less: Equity in undistributed earnings of unconsolidated subsidiaries | (4 | ) | (6 | ) | (27 | ) | (167 | ) | 162 | (49 | ) | ||||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | 4,349 | 9,117 | 13,806 | 10,084 | 9,479 | 8,219 | |||||||||||||||||
1/3 of net rent expense(1) | 290 | 379 | 368 | 342 | 335 | 302 | |||||||||||||||||
Total fixed charges | 4,639 | 9,496 | 14,174 | 10,426 | 9,814 | 8,521 | |||||||||||||||||
Preferred dividend requirements | 5 | 7 | 9 | 10 | 40 | 183 | |||||||||||||||||
Fixed charges and preferred dividends | 4,644 | 9,503 | 14,183 | 10,436 | 9,854 | 8,704 | |||||||||||||||||
Earnings | $ | 14,515 | $ | 19,607 | $ | 25,935 | $ | 22,474 | $ | 18,024 | $ | 19,028 | |||||||||||
Ratio of earnings to fixed charges | 3.13 | 2.06 | 1.83 | 2.16 | 1.84 | 2.23 | |||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 3.13 | 2.06 | 1.83 | 2.15 | 1.83 | 2.19 | |||||||||||||||||
(Dollars in millions) | Nine Months Ended September 30, 2002 | Year Ended December 31 | |||||||||||||||||||||
2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||
Including Interest on Deposits | |||||||||||||||||||||||
Income before income taxes | $ | 9,880 | $ | 10,117 | $ | 11,788 | $ | 12,215 | $ | 8,048 | $ | 10,556 | |||||||||||
Less: Equity in undistributed earnings of unconsolidated subsidiaries | (4 | ) | (6 | ) | (27 | ) | (167 | ) | 162 | (49 | ) | ||||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | 8,491 | 18,003 | 24,816 | 19,086 | 20,290 | 18,903 | |||||||||||||||||
1/3 of net rent expense(1) | 290 | 379 | 368 | 342 | 335 | 302 | |||||||||||||||||
Total fixed charges | 8,781 | 18,382 | 25,184 | 19,428 | 20,625 | 19,205 | |||||||||||||||||
Preferred dividend requirements | 5 | 7 | 9 | 10 | 40 | 183 | |||||||||||||||||
Fixed charges and preferred dividends | 8,786 | 18,389 | 25,193 | 19,438 | 20,665 | 19,388 | |||||||||||||||||
Earnings | $ | 18,657 | $ | 28,493 | $ | 36,945 | $ | 31,476 | $ | 28,835 | $ | 29,712 | |||||||||||
Ratio of earnings to fixed charges | 2.12 | 1.55 | 1.47 | 1.62 | 1.40 | 1.55 | |||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 2.12 | 1.55 | 1.47 | 1.62 | 1.40 | 1.53 | |||||||||||||||||
(1) | Represents an appropriate interest factor. |