EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31 (Dollars in Millions) 1996 1995 1994 1993 1992 - ------------------------------------------------------------------------------------------------------------------------------- EARNINGS 1. Net income from continuing operations before cumulative effect. . . . . . . . . . . . . . . . $1,218.7 $ 897.1 $ 568.2 $ 701.8 $ 484.5 2. Applicable income taxes . . . . . . . . . . . . . . . . 725.7 523.9 311.5 374.9 245.9 ------------------------------------------------------------------ 3. Income before taxes (1 + 2) . . . . . . . . . . . . . . $1,944.4 $1,421.0 $ 879.7 $1,076.7 $ 730.4 ------------------------------------------------------------------ ------------------------------------------------------------------ 4. Fixed charges: a. Interest expense excluding interest on deposits. . . . . . . . . . . . . . . . . . . . $ 696.8 $ 681.4 $ 486.3 $ 320.4 $ 372.2 b. Portion of rents representative of interest and amortization of debt expense . . . . . . . . . 45.4 46.6 48.7 52.1 52.0 ------------------------------------------------------------------ c. Fixed charges excluding interest on deposits (4a + 4b) . . . . . . . . . . . . . . . . 742.2 728.0 535.0 372.5 424.2 d. Interest on deposits . . . . . . . . . . . . . . . 1,441.3 1,416.7 1,121.1 1,174.1 1,406.1 ------------------------------------------------------------------ e. Fixed charges including interest on deposits (4c + 4d) . . . . . . . . . . . . . . . . $2,183.5 $2,144.7 $1,656.1 $1,546.6 $1,830.3 ------------------------------------------------------------------ ------------------------------------------------------------------ 5. Amortization of interest capitalized. . . . . . . . . $ -- $ -- $ .1 $ .1 $ .8 6. Earnings excluding interest on deposits (3 + 4c + 5) . . . . . . . . . . . . . . . . . 2,686.6 2,149.0 1,414.8 1,449.3 1,155.4 7. Earnings including interest on deposits (3 + 4e + 5) . . . . . . . . . . . . . . . . . 4,127.9 3,565.7 2,535.9 2,623.4 2,561.5 8. Fixed charges excluding interest on deposits (4c) . . . . . . . . . . . . . . . . . . . . . 742.2 728.0 535.0 372.5 424.2 9. Fixed charges including interest on deposits (4e) . . . . . . . . . . . . . . . . . . . . . 2,183.5 2,144.7 1,656.1 1,546.6 1,830.3 RATIO OF EARNINGS TO FIXED CHARGES 10. Excluding interest on deposits (line 6 / line 8). . . . 3.62 2.95 2.64 3.89 2.72 11. Including interest on deposits (line 7 / line 9). . . . 1.89 1.66 1.53 1.70 1.40 - ------------------------------------------------------------------------------------------------------------------------------- U.S. Bancorp