Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
Year Ended December 31 | ||||||||||||||||||||
(Dollars in millions) | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||
Excluding Interest on Deposits | ||||||||||||||||||||
Income before income taxes | $ | 24,480 | $ | 20,908 | $ | 15,781 | $ | 13,479 | $ | 11,246 | ||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | (151 | ) | (135 | ) | (125 | ) | (6 | ) | (6 | ) | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 18,397 | 9,072 | 6,105 | 6,363 | 9,360 | |||||||||||||||
1/3 of net rent expense(1) | 585 | 512 | 398 | 383 | 379 | |||||||||||||||
Total fixed charges | 18,982 | 9,584 | 6,503 | 6,746 | 9,739 | |||||||||||||||
Preferred dividend requirements | 27 | 23 | 6 | 6 | 7 | |||||||||||||||
Fixed charges and preferred dividends | 19,009 | 9,607 | 6,509 | 6,752 | 9,746 | |||||||||||||||
Earnings | $ | 43,311 | $ | 30,357 | $ | 22,159 | $ | 20,219 | $ | 20,979 | ||||||||||
Ratio of earnings to fixed charges | 2.28 | 3.17 | 3.41 | 3.00 | 2.15 | |||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 2.28 | 3.16 | 3.40 | 2.99 | 2.15 | |||||||||||||||
Year Ended December 31 | ||||||||||||||||||||
(Dollars in millions) | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||
Including Interest on Deposits | ||||||||||||||||||||
Income before income taxes | $ | 24,480 | $ | 20,908 | $ | 15,781 | $ | 13,479 | $ | 11,246 | ||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | (151 | ) | (135 | ) | (125 | ) | (6 | ) | (6 | ) | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 27,889 | 14,993 | 10,667 | 11,632 | 18,206 | |||||||||||||||
1/3 of net rent expense(1) | 585 | 512 | 398 | 383 | 379 | |||||||||||||||
Total fixed charges | 28,474 | 15,505 | 11,065 | 12,015 | 18,585 | |||||||||||||||
Preferred dividend requirements | 27 | 23 | 6 | 6 | 7 | |||||||||||||||
Fixed charges and preferred dividends | 28,501 | 15,528 | 11,071 | 12,021 | 18,592 | |||||||||||||||
Earnings | $ | 52,803 | $ | 36,278 | $ | 26,721 | $ | 25,488 | $ | 29,825 | ||||||||||
Ratio of earnings to fixed charges | 1.85 | 2.34 | 2.41 | 2.12 | 1.60 | |||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 1.85 | 2.34 | 2.41 | 2.12 | 1.60 | |||||||||||||||
(1) | Represents an appropriate interest factor. |