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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
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
Preferred stock dividend
requirements 16,705 13,395 61,377 33,186 13,255 13,748 22,568
-------- -------- ---------- ---------- ---------- ---------- ----------
Total combined fixed
charges and preferred
stock dividend
requirements $406,311 $356,100 $1,482,270 $1,812,995 $2,213,571 $4,519,002 $5,369,109
======== ======== ========== ========== ========== ========== ==========
Earnings (for ratio
calculation) (Pretax
earnings (loss) plus
total fixed charges) $573,738 $443,071 $1,910,399 $2,138,503 $2,021,413 $3,995,936 $5,569,606
======== ======== ========== ========== ========== ========== ==========
Ratio of earnings to
combined fixed charges
and preferred stock
dividend requirements 1.41 1.24 1.29 1.18 .91 .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 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. 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.