Bank of America (BAC) 10-Q 2003 Q2 Quarterly report

Exhibit 12

Bank of America Corporation and Subsidiaries

Ratio of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges and Preferred Dividends

	Six Months Ended June 30, 2003			Year Ended December 31
(Dollars in millions)				2002			2001			2000			1999			1998
Excluding Interest on Deposits
Income before income taxes	$	7,703		$	12,991		$	10,117		$	11,788		$	12,215		$	8,048
Equity in undistributed earnings of unconsolidated subsidiaries		(62	)		(6	)		(6	)		(27	)		(167	)		162
Fixed charges:
Interest expense		2,694			5,804			9,117			13,806			10,084			9,479
1/3 of net rent expense(1)		190			383			379			368			342			335
Total fixed charges		2,884			6,187			9,496			14,174			10,426			9,814
Preferred dividend requirements		3			6			7			9			10			40
Fixed charges and preferred dividends		2,887			6,193			9,503			14,183			10,436			9,854
Earnings	$	10,525		$	19,172		$	19,607		$	25,935		$	22,474		$	18,024
Ratio of earnings to fixed charges		3.65			3.10			2.06			1.83			2.16			1.84
Ratio of earnings to fixed charges and preferred dividends		3.65			3.10			2.06			1.83			2.15			1.83
	Six Months Ended June 30, 2003			Year Ended December 31
(Dollars in millions)				2002			2001			2000			1999			1998
Including Interest on Deposits
Income before income taxes	$	7,703		$	12,991		$	10,117		$	11,788		$	12,215		$	8,048
Equity in undistributed earnings of unconsolidated subsidiaries		(62	)		(6	)		(6	)		(27	)		(167	)		162
Fixed charges:
Interest expense		5,146			11,238			18,003			24,816			19,086			20,290
1/3 of net rent expense(1)		190			383			379			368			342			335
Total fixed charges		5,336			11,621			18,382			25,184			19,428			20,625
Preferred dividend requirements		3			6			7			9			10			40
Fixed charges and preferred dividends		5,339			11,627			18,389			25,193			19,438			20,665
Earnings	$	12,977		$	24,606		$	28,493		$	36,945		$	31,476		$	28,835
Ratio of earnings to fixed charges		2.43			2.12			1.55			1.47			1.62			1.40
Ratio of earnings to fixed charges and preferred dividends		2.43			2.12			1.55			1.47			1.62			1.40

(1) Represents an appropriate interest factor.