Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges and Preferred Dividends Exhibit 12(b)
Year Ended December 31
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(Dollars in millions) 1999 1998 1997 1996 1995
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Excluding interest on deposits
Income before income taxes $12,215 $ 8,048 $10,556 $9,311 $ 8,377
Less: Equity in undistributed losses (earnings)
of unconsolidated subsidiaries (167) 162 (49) (7) (19)
Fixed charges:
Interest expense (including capitalized interest) 10,084 9,479 8,219 7,082 6,354
1/3 of net rent expense 342 335 302 282 275
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Total fixed charges 10,426 9,814 8,521 7,364 6,629
Preferred dividend requirements 10 40 183 332 426
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Earnings (excluding capitalized interest) $22,474 $ 18,024 $19,028 $16,668 $14,987
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Fixed charges and preferred dividends $10,436 $ 9,854 $ 8,704 $7,696 $ 7,055
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Ratio of earnings to fixed charges and preferred dividends 2.15 1.83 2.19 2.17 2.12
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Including interest on deposits
Income before income taxes $12,215 $ 8,048 $10,556 $9,311 $ 8,377
Less: Equity in undistributed losses (earnings)
of unconsolidated subsidiaries (167) 162 (49) (7) (19)
Fixed charges:
Interest expense (including capitalized interest) 19,086 20,290 18,903 16,682 16,369
1/3 of net rent expense 342 335 302 282 275
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Total fixed charges 19,428 20,625 19,205 16,964 16,644
Preferred dividend requirements 10 40 183 332 426
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Earnings (excluding capitalized interest) $31,476 $ 28,835 $29,712 $26,268 $25,002
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Fixed charges and preferred dividends $19,438 $ 20,665 $19,388 $17,296 $17,070
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Ratio of earnings to fixed charges and preferred dividends 1.62 1.40 1.53 1.52 1.46
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