EXHIBIT 12
Ratio of Earnings to Fixed Charges
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| Nine Months |
| Years Ended December 31, |
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| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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| (Dollars in millions) |
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(A) Excluding interest on deposits: |
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Earnings: |
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Income before income taxes |
|
| $ | 1,064 |
|
| $ | 1,231 |
| $ | 1,123 |
| $ | 1,554 |
| $ | 944 |
| $ | 914 |
|
Fixed charges |
|
| 665 |
|
| 481 |
| 424 |
| 552 |
| 1,025 |
| 1,387 |
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Earnings as adjusted |
|
| $ | 1,729 |
|
| $ | 1,712 |
| $ | 1,547 |
| $ | 2,106 |
| $ | 1,969 |
| $ | 2,301 |
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Income before income taxes: |
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Pre-tax income from continuing operations as reported |
|
| $ | 1,055 |
|
| $ | 1,192 |
| $ | 1,112 |
| $ | 1,555 |
| $ | 930 |
| $ | 906 |
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Share of pre-tax income (loss) of 50% owned subsidiaries not included in above |
|
| 9 |
|
| 39 |
| 11 |
| (1 | ) | 14 |
| 8 |
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Pre-tax income as adjusted |
|
| $ | 1,064 |
|
| $ | 1,231 |
| $ | 1,123 |
| $ | 1,554 |
| $ | 944 |
| $ | 914 |
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Fixed charges: |
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Interest on other borrowings |
|
| $ | 516 |
|
| $ | 315 |
| $ | 279 |
| $ | 426 |
| $ | 881 |
| $ | 1,268 |
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Interest on long-term debt, including amortization of debt issue costs |
|
| 70 |
|
| 68 |
| 69 |
| 71 |
| 93 |
| 82 |
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Portion of rents representative of the interest factor in long-term leases(1) |
|
| 79 |
|
| 98 |
| 76 |
| 55 |
| 51 |
| 37 |
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Fixed charges |
|
| $ | 665 |
|
| $ | 481 |
| $ | 424 |
| $ | 552 |
| $ | 1,025 |
| $ | 1,387 |
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Ratio of earnings to fixed charges |
|
| 2.60 | x |
| 3.56 | x | 3.65 | x | 3.82 | x | 1.92 | x | 1.66 | x | ||||||
(B) Including interest on deposits: |
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Adjusted earnings from (A) above |
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| $ | 1,729 |
|
| $ | 1,712 |
| $ | 1,547 |
| $ | 2,106 |
| $ | 1,969 |
| $ | 2,301 |
|
Add interest on deposits |
|
| 789 |
|
| 512 |
| 372 |
| 498 |
| 856 |
| 1,012 |
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Earnings as adjusted |
|
| $ | 2,518 |
|
| $ | 2,224 |
| $ | 1,919 |
| $ | 2,604 |
| $ | 2,825 |
| $ | 3,313 |
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Fixed charges: |
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Fixed charges from (A) above |
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| $ | 665 |
|
| $ | 481 |
| $ | 424 |
| $ | 552 |
| $ | 1,025 |
| $ | 1,387 |
|
Interest on deposits |
|
| 789 |
|
| 512 |
| 372 |
| 498 |
| 856 |
| 1,012 |
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Adjusted fixed charges |
|
| $ | 1,454 |
|
| $ | 993 |
| $ | 796 |
| $ | 1,050 |
| $ | 1,881 |
| $ | 2,399 |
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Adjusted earnings to adjusted fixed charges |
|
| 1.73 | x |
| 2.24 | x | 2.41 | x | 2.48 | x | 1.50 | x | 1.38 | x |
(1) The interest factor on long-term operating leases was estimated using one-third of rental expense. The interest factor on long-term capital leases was equal to the amount recorded as interest expense in the consolidated statement of income.