NationsBank Corporation and Subsidiaries Exhibit 12(b) Ratio of Earnings to Fixed Charges and Preferred Dividends - -------------------------------------------------------------------------------- (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 Preferred dividend requirements .................. 11 22 13 15 16 29 Earnings (excluding capitalized interest) ........ $ 4,576 $ 7,907 $ 7,601 $ 5,570 $ 3,509 $ 2,398 ============================================================================= Fixed charges .................................... $ 2,288 $ 4,293 $ 4,630 $ 3,033 $ 1,539 $ 1,039 ============================================================================= Ratio of Earnings to Fixed Charges ............... 2.00 1.84 1.64 1.84 2.28 2.31 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 Preferred dividend requirements .................. 11 22 13 15 16 29 Earnings (excluding capitalized interest) ........ $ 6,569 $ 11,229 $ 10,882 $ 7,984 $ 5,658 $ 5,170 ============================================================================= Fixed charges .................................... $ 4,281 $ 7,615 $ 7,911 $ 5,447 $ 3,688 $ 3,811 ============================================================================= Ratio of Earnings to Fixed Charges ............... 1.53 1.47 1.38 1.47 1.53 1.36