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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 five years
ended December 31, 1993 were as follows:
Years Ended December 31,
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(Dollars in thousands)
1993 1992 1991 1990 1989
---------- ---------- ---------- ---------- ----------
Net income (loss) $ 299,026 $ 278,881 $ (113,155) $ (468,248) $ 138,114
Extraordinary items, net of tax (72,968) (7,758) (43,649)
Cumulative effect of changes
in accounting principles, net of tax (24,203)
Income tax expense (benefit) 214,683 152,781 (57,990) 2,579 84,951
---------- ---------- ---------- ---------- ----------
Pretax earnings (loss) $ 489,506 $ 358,694 $ (178,903) $ (509,318) $ 223,065
========== ========== ========== ========== ==========
Fixed charges:
Portion of rental expense
(net of sublease rental income)
which approximates the interest
factor $ 27,063 $ 28,159 $ 30,370 $ 38,747 $ 35,482
Interest on borrowed funds 1,719,111 1,029,054 608,552 1,229,816 1,953,723
Interest on deposits 3,856,025 2,771,873 2,731,559 3,236,691 3,357,336
---------- ---------- ---------- ---------- ----------
Total fixed charges 5,602,199 3,829,086 3,370,481 4,505,254 5,346,541
Preferred stock dividend
requirements 61,377 33,186 13,255 13,748 22,568
---------- ---------- ---------- ---------- ----------
Total combined fixed charges
and preferred stock dividend
requirements $ 5,663,576 $ 3,862,272 $ 3,383,736 $ 4,519,002 $ 5,369,109
========== ========== ========== ========== ==========
Earnings (for ratio calculation)
(Pretax earnings (loss)
plus total fixed charges) $ 6,091,705 $ 4,187,780 $ 3,191,578 $ 3,995,936 $ 5,569,606
========== ========== ========== ========== ==========
Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements 1.08 1.08 .94 .88 1.04
========== ========== ========== ========== ==========
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 effect 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.