Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
| Three Months Ended March 31, 2003 |
Year Ended December 31 | ||||||||||||||||||||||
| (Dollars in millions) |
2002 |
2001 |
2000 |
1999 |
1998 | ||||||||||||||||||
| Excluding Interest on Deposits |
|||||||||||||||||||||||
| Income before income taxes |
$ |
3,617 |
|
$ |
12,991 |
|
$ |
10,117 |
|
$ |
11,788 |
|
$ |
12,215 |
|
$ |
8,048 | ||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
|
(3 |
) |
|
(6 |
) |
|
(6 |
) |
|
(27 |
) |
|
(167 |
) |
|
162 | ||||||
| Fixed charges: |
|||||||||||||||||||||||
| Interest expense |
|
1,333 |
|
|
5,804 |
|
|
9,117 |
|
|
13,806 |
|
|
10,084 |
|
|
9,479 | ||||||
| 1/3 of net rent expense (1) |
|
97 |
|
|
383 |
|
|
379 |
|
|
368 |
|
|
342 |
|
|
335 | ||||||
| Total fixed charges |
|
1,430 |
|
|
6,187 |
|
|
9,496 |
|
|
14,174 |
|
|
10,426 |
|
|
9,814 | ||||||
| Preferred dividend requirements |
|
2 |
|
|
6 |
|
|
7 |
|
|
9 |
|
|
10 |
|
|
40 | ||||||
| Fixed charges and preferred dividends |
|
1,432 |
|
|
6,193 |
|
|
9,503 |
|
|
14,183 |
|
|
10,436 |
|
|
9,854 | ||||||
| Earnings |
$ |
5,044 |
|
$ |
19,172 |
|
$ |
19,607 |
|
$ |
25,935 |
|
$ |
22,474 |
|
$ |
18,024 | ||||||
| Ratio of earnings to fixed charges |
|
3.53 |
|
|
3.10 |
|
|
2.06 |
|
|
1.83 |
|
|
2.16 |
|
|
1.84 | ||||||
| Ratio of earnings to fixed charges and preferred dividends |
|
3.52 |
|
|
3.10 |
|
|
2.06 |
|
|
1.83 |
|
|
2.15 |
|
|
1.83 | ||||||
| Three Months Ended March 31, 2003 |
Year Ended December 31 | ||||||||||||||||||||||
| (Dollars in millions) |
2002 |
2001 |
2000 |
1999 |
1998 | ||||||||||||||||||
| Including Interest on Deposits |
|||||||||||||||||||||||
| Income before income taxes |
$ |
3,617 |
|
$ |
12,991 |
|
$ |
10,117 |
|
$ |
11,788 |
|
$ |
12,215 |
|
$ |
8,048 | ||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
|
(3 |
) |
|
(6 |
) |
|
(6 |
) |
|
(27 |
) |
|
(167 |
) |
|
162 | ||||||
| Fixed charges: |
|||||||||||||||||||||||
| Interest expense |
|
2,516 |
|
|
11,238 |
|
|
18,003 |
|
|
24,816 |
|
|
19,086 |
|
|
20,290 | ||||||
| 1/3 of net rent expense (1) |
|
97 |
|
|
383 |
|
|
379 |
|
|
368 |
|
|
342 |
|
|
335 | ||||||
| Total fixed charges |
|
2,613 |
|
|
11,621 |
|
|
18,382 |
|
|
25,184 |
|
|
19,428 |
|
|
20,625 | ||||||
| Preferred dividend requirements |
|
2 |
|
|
6 |
|
|
7 |
|
|
9 |
|
|
10 |
|
|
40 | ||||||
| Fixed charges and preferred dividends |
|
2,615 |
|
|
11,627 |
|
|
18,389 |
|
|
25,193 |
|
|
19,438 |
|
|
20,665 | ||||||
| Earnings |
$ |
6,227 |
|
$ |
24,606 |
|
$ |
28,493 |
|
$ |
36,945 |
|
$ |
31,476 |
|
$ |
28,835 | ||||||
| Ratio of earnings to fixed charges |
|
2.38 |
|
|
2.12 |
|
|
1.55 |
|
|
1.47 |
|
|
1.62 |
|
|
1.40 | ||||||
| Ratio of earnings to fixed charges and preferred dividends |
|
2.38 |
|
|
2.12 |
|
|
1.55 |
|
|
1.47 |
|
|
1.62 |
|
|
1.40 | ||||||
| (1) | Represents an appropriate interest factor. |