EXHIBIT 12(d)
BANK OF BOSTON CORPORATION
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
(INCLUDING INTEREST ON DEPOSITS)
The Corporation's ratios of earnings to combined fixed charges and preferred
stock dividend requirements (including interest on deposits) for the quarters
ended March 31, 1995 and 1994 and for the five years ended December 31, 1994
were as follows:
QUARTERS ENDED
MARCH 31, YEARS ENDED DECEMBER 31,
----------------- ---------------------------------------------------------
1995 1994 1994 1993 1992 1991 1990
-------- -------- ---------- ---------- ---------- ---------- ----------
(DOLLARS IN THOUSANDS)
Net income (loss)....... $125,344 $ 96,140 $ 435,362 $ 299,026 $ 278,881 $ (113,155) $ (468,248)
Extraordinary items, net
of tax................. 6,535 6,535 (72,968) (7,758) (43,649)
Cumulative effect of
changes in accounting
principles, net of tax. (24,203)
Income tax expense
(benefit).............. 120,621 81,457 349,414 214,683 152,781 (57,990) 2,579
-------- -------- ---------- ---------- ---------- ---------- ----------
Pretax earnings (loss). $245,965 $184,132 $ 791,311 $ 489,506 $ 358,694 $ (178,903) $ (509,318)
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Fixed charges:
Portion of rental
expense (net of
sublease rental
income) which
approximates the
interest factor....... 7,018 6,701 26,713 27,063 28,159 30,370 38,747
Interest on borrowed
funds.................. 245,838 143,299 997,601 377,874 344,908 361,510 592,028
Interest on deposits.... 361,528 239,606 1,148,611 1,015,956 1,406,742 1,808,436 2,420,296
-------- -------- ---------- ---------- ---------- ---------- ----------
Total fixed charges.... 614,384 389,606 2,172,925 1,420,893 1,779,809 2,200,316 3,051,071
Preferred stock dividend
requirements........... 18,407 16,705 67,053 61,377 33,186 13,255 13,748
-------- -------- ---------- ---------- ---------- ---------- ----------
Total combined fixed
charges and preferred
stock dividend
requirements........... $632,791 $406,311 $2,239,978 $1,482,270 $1,812,995 $2,213,571 $3,064,819
======== ======== ========== ========== ========== ========== ==========
Earnings (for ratio
calculation) (Pretax
earnings (loss) plus
total fixed charges)... $860,349 $573,738 $2,964,236 $1,910,399 $2,138,503 $2,021,413 $2,541,753
======== ======== ========== ========== ========== ========== ==========
Ratio of earnings to
combined fixed charges
and preferred stock
dividend requirements.. 1.36 1.41 1.32 1.29 1.18 .91 .83
======== ======== ========== ========== ========== ========== ==========
For purposes of computing the consolidated ratio of earnings to combined
fixed charges and preferred stock dividend requirements "earnings" represent
income (loss) before extraordinary items and cumulative of changes in
accounting principles plus applicable income taxes and fixed charges. "Fixed
charges" include gross interest expense (including interest on deposits) and
the proportion deemed representative of the interest factor of rent expense,
net of income from subleases. Pretax earnings required for preferred stock
dividends were computed using tax rates for the applicable year. No tax
adjustments were made in loss years.