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EXHIBIT 12(b)
BANK OF BOSTON CORPORATION
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(Including Interest on Deposits)
The Corporation's ratios of earnings to fixed charges (including interest on
deposits) for the quarters ended March 31, 1994 and 1993 and for the five
years ended December 31, 1993 were as follows:
Quarters Ended March 31, Years Ended December 31,
(Dollars in thousands)
1994 1993 1993 1992 1991 1990 1989
---- ---- ---- ---- ---- ---- ----
Net income (loss) $ 96,140 $ 83,675 $ 299,026 $ 278,881 $ (113,155) $ (468,248) $ 138,114
Extraordinary items,
net of tax 6,535 (72,968) (7,758) (43,649)
Cumulative effect of
changes in accounting
principles, net of tax (24,203) (24,203)
Income tax expense
(benefit) 81,457 40,894 214,683 152,781 (57,990) 2,579 84,951
-------- -------- --------- -------- ---------- ---------- ---------
Pretax earnings (loss) $184,132 $100,366 $ 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 6,701 6,573 27,063 28,159 30,370 38,747 35,482
Interest on borrowed
funds 143,299 71,451 377,874 344,908 361,510 1,229,816 1,953,723
Interest on deposits 239,606 264,681 1,015,956 1,406,742 1,808,436 3,236,691 3,357,336
-------- -------- --------- -------- ---------- ---------- ---------
Total fixed charges 389,606 342,705 1,420,893 1,779,809 2,200,316 4,505,254 5,346,541
-------- -------- --------- -------- ---------- ---------- ---------
Earnings (for ratio
calculation) $573,738 $443,071 $1,910,399 $2,138,503 $2,021,413 $3,995,936 $5,569,606
======== ======== ========= ======== ========== =========== =========
Total fixed charges $389,606 $342,705 $1,420,893 $1,779,809 $2,200,316 $4,505,254 $5,346,541
======== ======== ========= ======== ========== =========== =========
Ratio of earnings to
fixed charges 1.47 1.29 1.34 1.20 .92 .89 1.04
======== ======== ========= ======== ========== =========== =========
For purposes of computing the consolidated ratio of earnings to fixed charges
"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. Ratios for the quarters
ended March 31, 1994 and 1993 and the years ended December 31, 1993, 1992 and
1991 reflect the reclassification of Brazilian translation gains and losses.
Information for the years ended December 31, 1990 and 1989 is unavailable
without unreasonable effort and expense.