Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in millions) | Three Months March 31, 2004 | Year Ended December 31 | |||||||||||||||||
2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Excluding Interest on Deposits | |||||||||||||||||||
Income before income taxes | $ | 3,972 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | |||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | — | (125 | ) | (6 | ) | (6 | ) | (27 | ) | ||||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | 1,565 | 5,271 | 5,804 | 9,117 | 13,806 | ||||||||||||||
1/3 of net rent expense(1) | 107 | 398 | 383 | 379 | 368 | ||||||||||||||
Total fixed charges | 1,672 | 5,669 | 6,187 | 9,496 | 14,174 | ||||||||||||||
Preferred dividend requirements | 2 | 6 | 6 | 7 | 9 | ||||||||||||||
Fixed charges and preferred dividends | 1,674 | 5,675 | 6,193 | 9,503 | 14,183 | ||||||||||||||
Earnings | $ | 5,644 | $ | 21,405 | $ | 19,172 | $ | 19,607 | $ | 25,935 | |||||||||
Ratio of earnings to fixed charges | 3.38 | 3.78 | 3.10 | 2.06 | 1.83 | ||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 3.37 | 3.77 | 3.10 | 2.06 | 1.83 | ||||||||||||||
(Dollars in millions) | Three Months March 31, 2004 | Year Ended December 31, | |||||||||||||||||
2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Including Interest on Deposits | |||||||||||||||||||
Income before income taxes | $ | 3,972 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | |||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | — | (125 | ) | (6 | ) | (6 | ) | (27 | ) | ||||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | 2,771 | 10,179 | 11,238 | 18,003 | 24,816 | ||||||||||||||
1/3 of net rent expense(1) | 107 | 398 | 383 | 379 | 368 | ||||||||||||||
Total fixed charges | 2,878 | 10,577 | 11,621 | 18,382 | 25,184 | ||||||||||||||
Preferred dividend requirements | 2 | 6 | 6 | 7 | 9 | ||||||||||||||
Fixed charges and preferred dividends | 2,880 | 10,583 | 11,627 | 18,389 | 25,193 | ||||||||||||||
Earnings | $ | 6,850 | $ | 26,313 | $ | 24,606 | $ | 28,493 | $ | 36,945 | |||||||||
Ratio of earnings to fixed charges | 2.38 | 2.49 | 2.12 | 1.55 | 1.47 | ||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 2.38 | 2.49 | 2.12 | 1.55 | 1.47 | ||||||||||||||
(1) | Represents on appropriate interest factor. |