NATIONSBANK CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Ended
December 31
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1994 1993 1992 1991 1990
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(Dollars in Thousands)
Excluding Interest on Deposits
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Income before taxes......................... $2,554,778 $1,991,103 $1,396,213 $ 108,524 $ 625,467
Equity in undistributed earnings
of unconsolidated subsidiaries............ (2,604) (4,756) (1,426) (1,114) (668)
Fixed charges:
Interest expense (including
capitalized interest)................ 2,895,569 1,420,800 915,880 1,290,755 1,851,513
Amortization of debt discount and
appropriate issuance costs........... 8,194 6,377 3,000 2,093 2,872
1/3 of net rent expense................ 114,414 95,786 90,667 81,909 66,195
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Total fixed charges......................... 3,018,177 1,522,963 1,009,547 1,374,757 1,920,580
Preferred dividend requirements............. 14,796 15,737 29,260 30,775 37,979
Earnings (excluding capitalized interest)... $5,570,351 $3,509,310 $2,398,329 $1,470,621 $2,533,093
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Fixed charges............................... $3,032,973 $1,538,700 $1,038,807 $1,405,532 $1,958,559
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Ratio of Earnings to Fixed Charges.......... 1.84 2.28 2.31 1.05 1.29
Including Interest on Deposits
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Income before taxes......................... $2,554,778 $1,991,103 $1,396,213 $ 108,524 $ 625,467
Equity in undistributed earnings
of unconsolidated subsidiaries............ (2,604) (4,756) (1,426) (1,114) (668)
Fixed charges:
Interest expense (including
capitalized interest)................ 5,310,419 3,570,079 3,687,650 5,611,057 6,683,262
Amortization of debt discount and
appropriate issuance costs........... 8,194 6,377 3,000 2,093 2,872
1/3 of net rent expense................ 114,414 95,786 90,667 81,909 66,195
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Total fixed charges......................... 5,433,027 3,672,242 3,781,317 5,695,059 6,752,329
Preferred dividend requirements............. 14,796 15,737 29,260 30,775 37,979
Earnings (excluding capitalized interest)... $7,985,201 $5,658,589 $5,170,099 $5,790,923 $7,364,842
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Fixed charges............................... $5,447,823 $3,687,979 $3,810,577 $5,725,834 $6,790,308
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Ratio of Earnings to Fixed Charges.......... 1.47 1.53 1.36 1.01 1.08