EXHIBIT 12.1
The PNC Financial Services Group, Inc. and Subsidiaries
Computation of Ratio of Earnings
to Fixed Charges
Nine Months Ended September 30, 2007 | Year Ended December 31 | ||||||||||||||||||||||
Dollars in millions | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||
Earnings | |||||||||||||||||||||||
Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 1,668 | $ | 3,913 | $ | 1,962 | $ | 1,745 | $ | 1,600 | $ | 1,858 | |||||||||||
Add: | |||||||||||||||||||||||
Distributed income of equity investees | 98 | 20 | |||||||||||||||||||||
Fixed charges excluding interest on deposits | 895 | 841 | 662 | 357 | 346 | 432 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Minority interest in pretax income of subsidiaries that have not incurred fixed charges | 73 | 33 | 20 | 10 | 32 | 37 | |||||||||||||||||
Interest capitalized | 2 | ||||||||||||||||||||||
Earnings excluding interest on deposits | 2,586 | 4,741 | 2,604 | 2,092 | 1,914 | 2,253 | |||||||||||||||||
Interest on deposits | 1,531 | 1,590 | 981 | 484 | 457 | 659 | |||||||||||||||||
Total earnings | $ | 4,117 | $ | 6,331 | $ | 3,585 | $ | 2,576 | $ | 2,371 | $ | 2,912 | |||||||||||
Fixed charges | |||||||||||||||||||||||
Interest on borrowed funds | $ | 842 | $ | 777 | $ | 599 | $ | 298 | $ | 258 | $ | 315 | |||||||||||
Interest component of rentals | 50 | 64 | 63 | 58 | 59 | 58 | |||||||||||||||||
Amortization of notes and debentures | 1 | 1 | 1 | 1 | |||||||||||||||||||
Interest capitalized | 2 | ||||||||||||||||||||||
Distributions on mandatorily redeemable capital securities of subsidiary trusts | 28 | 58 | |||||||||||||||||||||
Fixed charges excluding interest on deposits | 895 | 841 | 662 | 357 | 346 | 432 | |||||||||||||||||
Interest on deposits | 1,531 | 1,590 | 981 | 484 | 457 | 659 | |||||||||||||||||
Total fixed charges | $ | 2,426 | $ | 2,431 | $ | 1,643 | $ | 841 | $ | 803 | $ | 1,091 | |||||||||||
Ratio of earnings to fixed charges | |||||||||||||||||||||||
Excluding interest on deposits | 2.89x | 5.64 | x | 3.93 | x | 5.86 | x | 5.53 | x | 5.22 | x | ||||||||||||
Including interest on deposits | 1.70 | 2.60 | 2.18 | 3.06 | 2.95 | 2.67 |