Bank of America (BAC) 10-Q2008 Q3 Quarterly report

Filed: 6 Nov 08, 12:00am

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Avg

New words: absent, accentuated, accretable, accrete, Activityto, add, addressing, admitting, allegedly, AMLF, andComplex, andMayfield, andMortgage, anniversary, Arbitrage, Argent, ARM, artificially, ASF, attention, Attorney, avoid, Avoidance, backstop, Bahrain, Baltimore, bear, benchmark, beverage, bilateral, bilaterally, BlackRock, breadth, broker, buy, buyer, byGWIM, capable, captionedFogel, casualty, categorization, categorized, Cattell, certainty, charitable, Citigroup, Clarification, Classic, clearinghouse, column, concept, consent, constrained, coverage, CPFF, customary, Debtand, demonstrate, depleted, depository, depth, DGP, disability, disappeared, Discover, divert, diverted, Division, Dramatic, EESA, elevated, enabling, encourage, entirety, ethical, euro, exacerbate, exacerbated, extra, false, Fannie, Fe, feature, food, forCard, foreclosure, foreseeable, forGCIB, Forum, foster, Freddie, FSB, Fuld, GSE, harm, Henry, hesitant, image, imminent, impactedCMASfor, improper, improperly, InAIG, inBondar, inclusion, indemnify, Indiana, inferior, inGWIMandGCIBon, intensify, interrelated, Italy, itsCard, job, Jr, Judicial, Junior, kind, knowledge, landscape, Leasesto, Lehman, LendingtoGWIM, Litigationagainst, lost, LP, LTV, Lynch, Mac, MBIA, member, memorandum, merge, merged, Merrill, misleading, misrepresentation, MMIFF, multiplied, nationwide, negligible, nonaccretable, nonimpaired, NYAG, opt, OTC, Otherand, OTS, ourGCIB, ourGWIM, overnight, Panel, Parma, Paulson, payoff, penalty, persist, petitioned, Pipefitting, Plumbing, posed, precisely, pressure, profound, promissory, promoting, Prosecutor, proxy, prudent, punitive, pursue, quantification, rapidly, redraw, reinsurance, released, reliance, repay, reputation, requisite, resecuritized, reset, resetting, restrain, Richard, rose, routine, routinely, Santa, scheduled, scope, Secretary, Servicesdiscussion, shorter, shortfall, soliciting, solution, Southeast, Southwest, speak, spite, stream, Streamlined, stressed, stringent, stronger, Superior, Supervision, Supreme, surviving, suspending, systematically, TAGP, TARP, Taxesto, tempered, temporarily, TheBearman, theFair, theGCSBBdiscussion, threshold, Thrift, TLGP, tobacco, toGlobal, toGWIMandGCIB, trial, turbulence, turmoil, undercapitalized, undetermined, undiscounted, undue, unemployment, uniform, unlimited, unparalleled, unsubordinated, unwilling, usury, verification, Virginia, voluntarily, waived, West, whichever, widespread, withdrawing, withinGWIMand, worsen, worsening, wrongdoing, wrongly

Removed: abroad, andConsumer, asConsumer, Circuit, disallow, entering, expiration, faith, fromGCSBBtoGWIM, fulfillment, itsGCSBB, maintained, outlined, preliminary, Redeemable, regional, rely, theconsumer, toGWIM

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Exhibit 12

Bank of America Corporation and Subsidiaries

Ratio of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges and Preferred Dividends


	Nine Months Ended			Year Ended December 31
(Dollars in millions)	September 30, 2008			2007			2006			2005			2004			2003
*Excluding Interest on Deposits*
Income before income taxes	$	8,230		$	20,924		$	31,973		$	24,480		$	20,908		$	15,781
Equity in undistributed earnings of unconsolidated subsidiaries		(256	)		(95	)		(315	)		(151	)		(135	)		(125	)
Fixed charges:
Interest expense		19,874			34,778			29,514			18,397			9,072			6,105
1/3 of net rent expense⁽¹⁾		571			669			609			585			512			398
Total fixed charges		20,445			35,447			30,123			18,982			9,584			6,503
Preferred dividend requirements		1,205			254			33			27			23			6
Fixed charges and preferred dividends		21,650			35,701			30,156			19,009			9,607			6,509
Earnings	$	28,419		$	56,276		$	61,781		$	43,311		$	30,357		$	22,159
Ratio of earnings to fixed charges		1.39			1.59			2.05			2.28			3.17			3.41
Ratio of earnings to fixed charges and preferred dividends		1.31			1.58			2.05			2.28			3.16			3.40


		Nine Months Ended			Year Ended December 31
(Dollars in millions)		September 30, 2008			2007			2006			2005			2004			2003
*Including Interest on Deposits*
Income before income taxes	$	8,230		$	20,924		$	31,973		$	24,480		$	20,908		$	15,781
Equity in undistributed earnings of unconsolidated subsidiaries		(256	)		(95	)		(315	)		(151	)		(135	)		(125	)
Fixed charges:
Interest expense		31,828			52,871			43,994			27,889			14,993			10,667
1/3 of net rent expense⁽¹⁾		571			669			609			585			512			398
Total fixed charges		32,399			53,540			44,603			28,474			15,505			11,065
Preferred dividend requirements		1,205			254			33			27			23			6
Fixed charges and preferred dividends		33,604			53,794			44,636			28,501			15,528			11,071
Earnings	$	40,373		$	74,369		$	76,261		$	52,803		$	36,278		$	26,721
Ratio of earnings to fixed charges		1.25			1.39			1.71			1.85			2.34			2.41
Ratio of earnings to fixed charges and preferred dividends		1.20			1.38			1.71			1.85			2.34			2.41

⁽¹⁾	Represents an appropriate interest factor.

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