NATIONSBANK CORPORATION RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Year Ended December 31 ------------------------------------------------------- 1994 1993 1992 1991 1990 ---------- ---------- ---------- ---------- ---------- (Dollars in Thousands) Excluding Interest on Deposits ------------------------------ 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 ---------- ---------- ---------- ---------- ---------- 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 ========== ========== ========== ========== ========== Fixed charges............................... $3,032,973 $1,538,700 $1,038,807 $1,405,532 $1,958,559 ========== ========== ========== ========== ========== Ratio of Earnings to Fixed Charges.......... 1.84 2.28 2.31 1.05 1.29 Including Interest on Deposits ------------------------------ 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 ---------- ---------- ---------- ---------- ---------- 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 ========== ========== ========== ========== ========== Fixed charges............................... $5,447,823 $3,687,979 $3,810,577 $5,725,834 $6,790,308 ========== ========== ========== ========== ========== Ratio of Earnings to Fixed Charges.......... 1.47 1.53 1.36 1.01 1.08