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- 10-K Annual report
- 3 Amended and Restated Certificate of Incorporation
- 10 Bank of America Pension Restoration Plan
- 10 Bank of America 401(K) Restoration Plan
- 10 Bank of America Corporation 2003 Key Associate Stock Plan
- 10 Retirement Income Assurance Plan for Legacy Fleet
- 10 Merrill Lynch & Co., Inc. Employee Stock Compensation Plan
- 10 Forms of Stock Agreements for Salary Stock Units
- 10 Boatmen's Supplemental Retirement Plan
- 10 Employment Agreement Dated January 30, 1996
- 10 Employment Agreement Dated September 26, 1996
- 10 Employment Letter Dated May 7, 2001
- 10 Equity Incentive Plan Amended & Restated Effective As of January 1, 2008
- 10 Merrill Lynch & Co., Inc. Long-term Incentive Compensation Plan
- 10 Employment Letter Dated May 1, 2008
- 10 Letter Agreement Dated December 9, 2009, Amending January 9, 2009 Agreement
- 10 Letter Agreement Dated December 9, 2009, Amending January 15, 2009 Agreement
- 12 Ratio of Earnings to Fixed Charges
- 21 List of Subsidiaries
- 23 Consent of Pricewaterhousecoopers LLP
- 24 Power of Attorney
- 24 Corporate Resolution
- 31 Certification of the CEO Pursuant to Section 302
- 31 Certification of the CFO Pursuant to Section 302
- 32 Certification of the CEO Pursuant to 18 U.s.c. Section 1350
- 32 Certification of the CFO Pursuant to 18 U.s.c. Section 1350
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Bank of America Corporation and Subsidiaries Ratio of Earnings to Fixed Charges Ratio of Earnings to Fixed Charges and Preferred Dividends | Exhibit 12 |
Year Ended December 31 | ||||||||||||||||||||
(Dollars in millions) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Excluding Interest on Deposits | ||||||||||||||||||||
Income before income taxes | $ | 4,360 | $ | 4,428 | $ | 20,924 | $ | 31,973 | $ | 24,480 | ||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | (1,833 | ) | (144 | ) | (95 | ) | (315 | ) | (151 | ) | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 23,000 | 25,074 | 34,778 | 29,514 | 18,397 | |||||||||||||||
1/3 of net rent expense(1) | 1,110 | 791 | 669 | 609 | 585 | |||||||||||||||
Total fixed charges | 24,110 | 25,865 | 35,447 | 30,123 | 18,982 | |||||||||||||||
Preferred dividend requirements | 5,921 | 1,461 | 254 | 33 | 27 | |||||||||||||||
Fixed charges and preferred dividends | 30,031 | 27,326 | 35,701 | 30,156 | 19,009 | |||||||||||||||
Earnings | 26,637 | $ | 30,149 | $ | 56,276 | $ | 61,781 | $ | 43,311 | |||||||||||
Ratio of earnings to fixed charges | 1.10 | 1.17 | 1.59 | 2.05 | 2.28 | |||||||||||||||
Ratio of earnings to fixed charges and preferred dividends (2) | — | 1.10 | 1.58 | 2.05 | 2.28 |
Year Ended December 31 | ||||||||||||||||||||
(Dollars in millions) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Including Interest on Deposits | ||||||||||||||||||||
Income before income taxes | $ | 4,360 | $ | 4,428 | $ | 20,924 | $ | 31,973 | $ | 24,480 | ||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | (1,833 | ) | (144 | ) | (95 | ) | (315 | ) | (151 | ) | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 30,807 | 40,324 | 52,871 | 43,994 | 27,889 | |||||||||||||||
1/3 of net rent expense(1) | 1,110 | 791 | 669 | 609 | 585 | |||||||||||||||
Total fixed charges | 31,917 | 41,115 | 53,540 | 44,603 | 28,474 | |||||||||||||||
Preferred dividend requirements | 5,921 | 1,461 | 254 | 33 | 27 | |||||||||||||||
Fixed charges and preferred dividends | 37,838 | 42,576 | 53,794 | 44,636 | 28,501 | |||||||||||||||
Earnings | 34,444 | $ | 45,399 | $ | 74,369 | $ | 76,261 | $ | 52,803 | |||||||||||
Ratio of earnings to fixed charges | 1.08 | 1.10 | 1.39 | 1.71 | 1.85 | |||||||||||||||
Ratio of earnings to fixed charges and preferred dividends(2) | — | 1.07 | 1.38 | 1.71 | 1.85 |
(1) | Represents an appropriate interest factor. |
(2) | The earnings for 2009 were inadequate to cover fixed charges and preferred stock dividends. The earnings deficiency is a result of the accelerated accretion of $4.0 billion recorded as a result of the repurchase of TARP Preferred Stock. The coverage deficiency for fixed charges and preferred dividends was $3.4 billion. |