NATIONSBANK CORPORATION AND SUBSIDIARIES EXHIBIT 12(b) RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS - -------------------------------------------------------------------------------- (Dollars in Millions)
Year ended December 31 -------------------------------------------------------------------- 1996 1995 1994 1993 1992 -------- -------- ------- -------- -------- EXCLUDING INTEREST ON DEPOSITS - ------------------------------- Income before taxes .................................. $ 3,634 $ 2,991 $ 2,555 $ 1,991 $ 1,396 Equity in undistributed (earnings) losses of unconsolidated subsidiaries...................... 2 (7) (3) (5) (1) Fixed charges: Interest expense (including capitalized interest) ......................... 4,125 4,480 2,896 1,421 916 Amortization of debt discount and appropriate issuance costs .................... 20 12 8 6 3 1/3 of net rent expense ......................... 126 125 114 96 91 -------- -------- ------- ------- -------- Total fixed charges ........................... 4,271 4,617 3,018 1,523 1,010 Preferred dividend requirements....................... 22 13 15 16 29 Earnings (excluding capitalized interest) ............ $ 7,907 $ 7,601 $ 5,570 $ 3,509 $ 2,398 ======== ======== ======= ======= ======== Fixed charges ........................................ $ 4,293 $ 4,630 $ 3,033 $ 1,539 $ 1,039 ======== ======== ======= ======= ======== Ratio of Earnings to Fixed Charges ................... 1.84 1.64 1.84 2.28 2.31 INCLUDING INTEREST ON DEPOSITS - ------------------------------- Income before taxes .................................. $ 3,634 $ 2,991 $ 2,555 $ 1,991 $ 1,396 Equity in undistributed (earnings) losses of unconsolidated subsidiaries...................... 2 (7) (3) (5) (1) Fixed charges: Interest expense (including capitalized interest) ......................... 7,447 7,761 5,310 3,570 3,688 Amortization of debt discount and appropriate issuance costs .................... 20 12 8 6 3 1/3 of net rent expense ......................... 126 125 114 96 91 -------- -------- ------- ------- -------- Total fixed charges ........................... 7,593 7,898 5,432 3,672 3,782 Preferred dividend requirements ...................... 22 13 15 16 29 Earnings (excluding capitalized interest) ............ $ 11,229 $ 10,882 $ 7,984 $ 5,658 $ 5,170 ======== ======== ======= ======= ======== Fixed charges ........................................ $ 7,615 $ 7,911 $ 5,447 $ 3,688 $ 3,811 ======== ======== ======= ======= ======== Ratio of Earnings to Fixed Charges ................... 1.47 1.38 1.47 1.53 1.36