Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
Three Months Ended March 31, 2003 | Year Ended December 31 | ||||||||||||||||||||||
(Dollars in millions) | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Excluding Interest on Deposits | |||||||||||||||||||||||
Income before income taxes | $ | 3,617 |
| $ | 12,991 |
| $ | 10,117 |
| $ | 11,788 |
| $ | 12,215 |
| $ | 8,048 | ||||||
Equity in undistributed earnings of unconsolidated subsidiaries |
| (3 | ) |
| (6 | ) |
| (6 | ) |
| (27 | ) |
| (167 | ) |
| 162 | ||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense |
| 1,333 |
|
| 5,804 |
|
| 9,117 |
|
| 13,806 |
|
| 10,084 |
|
| 9,479 | ||||||
1/3 of net rent expense (1) |
| 97 |
|
| 383 |
|
| 379 |
|
| 368 |
|
| 342 |
|
| 335 | ||||||
Total fixed charges |
| 1,430 |
|
| 6,187 |
|
| 9,496 |
|
| 14,174 |
|
| 10,426 |
|
| 9,814 | ||||||
Preferred dividend requirements |
| 2 |
|
| 6 |
|
| 7 |
|
| 9 |
|
| 10 |
|
| 40 | ||||||
Fixed charges and preferred dividends |
| 1,432 |
|
| 6,193 |
|
| 9,503 |
|
| 14,183 |
|
| 10,436 |
|
| 9,854 | ||||||
Earnings | $ | 5,044 |
| $ | 19,172 |
| $ | 19,607 |
| $ | 25,935 |
| $ | 22,474 |
| $ | 18,024 | ||||||
Ratio of earnings to fixed charges |
| 3.53 |
|
| 3.10 |
|
| 2.06 |
|
| 1.83 |
|
| 2.16 |
|
| 1.84 | ||||||
Ratio of earnings to fixed charges and preferred dividends |
| 3.52 |
|
| 3.10 |
|
| 2.06 |
|
| 1.83 |
|
| 2.15 |
|
| 1.83 | ||||||
Three Months Ended March 31, 2003 | Year Ended December 31 | ||||||||||||||||||||||
(Dollars in millions) | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Including Interest on Deposits | |||||||||||||||||||||||
Income before income taxes | $ | 3,617 |
| $ | 12,991 |
| $ | 10,117 |
| $ | 11,788 |
| $ | 12,215 |
| $ | 8,048 | ||||||
Equity in undistributed earnings of unconsolidated subsidiaries |
| (3 | ) |
| (6 | ) |
| (6 | ) |
| (27 | ) |
| (167 | ) |
| 162 | ||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense |
| 2,516 |
|
| 11,238 |
|
| 18,003 |
|
| 24,816 |
|
| 19,086 |
|
| 20,290 | ||||||
1/3 of net rent expense (1) |
| 97 |
|
| 383 |
|
| 379 |
|
| 368 |
|
| 342 |
|
| 335 | ||||||
Total fixed charges |
| 2,613 |
|
| 11,621 |
|
| 18,382 |
|
| 25,184 |
|
| 19,428 |
|
| 20,625 | ||||||
Preferred dividend requirements |
| 2 |
|
| 6 |
|
| 7 |
|
| 9 |
|
| 10 |
|
| 40 | ||||||
Fixed charges and preferred dividends |
| 2,615 |
|
| 11,627 |
|
| 18,389 |
|
| 25,193 |
|
| 19,438 |
|
| 20,665 | ||||||
Earnings | $ | 6,227 |
| $ | 24,606 |
| $ | 28,493 |
| $ | 36,945 |
| $ | 31,476 |
| $ | 28,835 | ||||||
Ratio of earnings to fixed charges |
| 2.38 |
|
| 2.12 |
|
| 1.55 |
|
| 1.47 |
|
| 1.62 |
|
| 1.40 | ||||||
Ratio of earnings to fixed charges and preferred dividends |
| 2.38 |
|
| 2.12 |
|
| 1.55 |
|
| 1.47 |
|
| 1.62 |
|
| 1.40 | ||||||
(1) | Represents an appropriate interest factor. |