NationsBank Corporation and Subsidiaries Exhibit 12(a) Ratio of Earnings to Fixed Charges - -------------------------------------------------------------------------------- (Dollars in Millions)
Six Months Year ended December 31 Ended ---------------------------------------------------------------- June 30, 1997 1996 1995 1994 1993 1992 ------------------------------------------------------------------------------- Excluding Interest on Deposits - ------------------------------ Income before taxes .............................. $ 2,298 $ 3,634 $ 2,991 $ 2,555 $ 1,991 $ 1,396 Equity in undistributed losses (earnings) of unconsolidated subsidiaries ................. 1 2 (7) (3) (5) (1) Fixed charges: Interest expense (including capitalized interest) ..................... 2,196 4,125 4,480 2,896 1,421 916 Amortization of debt discount and appropriate issuance costs ................ 9 20 12 8 6 3 1/3 of net rent expense ..................... 72 126 125 114 96 91 ----------------------------------------------------------------------------- Total fixed charges ...................... 2,277 4,271 4,617 3,018 1,523 1,010 Earnings (excluding capitalized interest) ........ $ 4,576 $ 7,907 $ 7,601 $ 5,570 $ 3,509 $ 2,398 ============================================================================= Fixed charges .................................... $ 2,277 $ 4,271 $ 4,617 $ 3,018 $ 1,523 $ 1,010 ============================================================================= Ratio of Earnings to Fixed Charges ............... 2.01 1.85 1.65 1.85 2.30 2.38 Including Interest on Deposits - ------------------------------ Income before taxes .............................. $ 2,298 $ 3,634 $ 2,991 $ 2,555 $ 1,991 $ 1,396 Equity in undistributed losses (earnings) of unconsolidated subsidiaries ................. 1 2 (7) (3) (5) (1) Fixed charges: Interest expense (including capitalized interest) ..................... 4,189 7,447 7,761 5,310 3,570 3,688 Amortization of debt discount and appropriate issuance costs ................ 9 20 12 8 6 3 1/3 of net rent expense ..................... 72 126 125 114 96 91 ----------------------------------------------------------------------------- Total fixed charges ...................... 4,270 7,593 7,898 5,432 3,672 3,782 Earnings (excluding capitalized interest) ........ $ 6,569 $ 11,229 $ 10,882 $ 7,984 $ 5,658 $ 5,170 ============================================================================= Fixed charges .................................... $ 4,270 $ 7,593 $ 7,898 $ 5,432 $ 3,672 $ 3,782 ============================================================================= Ratio of Earnings to Fixed Charges ............... 1.54 1.48 1.38 1.47 1.54 1.37