EXHIBIT 12.1 NATIONSBANK CORPORATION AND SUBSIDIARIES RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (DOLLARS IN MILLIONS)
NINE MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------------------------------ SEPTEMBER 30, 1997 1996 1995 1994 1993 1992 ------------------ ------- ------- ------ ------ ------ EXCLUDING INTEREST ON DEPOSITS Income before taxes............................. $ 3,530 $ 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).................................. 3,394 4,125 4,480 2,896 1,421 916 Amortization of debt discount and appropriate issuance costs............................. 14 20 12 8 6 3 1/3 of net rent expense....................... 111 126 125 114 96 91 ------------------ ------- ------- ------ ------ ------ Total fixed charges........................ 3,519 4,271 4,617 3,018 1,523 1,010 Preferred dividend requirements................. 14 22 13 15 16 29 Earnings (excluding capitalized interest)....... $ 7,050 $ 7,907 $ 7,601 $5,570 $3,509 $2,398 ------------------ ------- ------- ------ ------ ------ ------------------ ------- ------- ------ ------ ------ Fixed charges................................... $ 3,533 $ 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............................. $ 3,530 $ 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)..................................... 6,367 7,447 7,761 5,310 3,570 3,688 Amortization of debt discount and appropriate issuance costs................................ 14 20 12 8 6 3 1/3 of net rent expense......................... 111 126 125 114 96 91 ------------------ ------- ------- ------ ------ ------ Total fixed charges........................ 6,492 7,593 7,898 5,432 3,672 3,782 Preferred dividend requirements................. 14 22 13 15 16 29 Earnings (excluding capitalized interest)....... $ 10,023 $11,229 $10,882 $7,984 $5,658 $5,170 ------------------ ------- ------- ------ ------ ------ ------------------ ------- ------- ------ ------ ------ Fixed charges................................... $ 6,506 $ 7,615 $ 7,911 $5,447 $3,688 $3,811 ------------------ ------- ------- ------ ------ ------ ------------------ ------- ------- ------ ------ ------ Ratio of Earnings to Fixed Charges.............. 1.54 1.47 1.38 1.47 1.53 1.36
EXHIBIT 12.1 (CONTINUED) BARNETT BANKS, INC. -- CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (DOLLARS IN THOUSANDS)
NINE MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------------------------------------------ SEPTEMBER 30, 1997 1996 1995 1994 1993 1992 ------------------ ---------- ---------- -------- -------- -------- EXCLUDING INTEREST ON DEPOSITS Net Income....................... $ 425,290 $ 564,491 $ 533,301 $487,971 $420,994 $207,656 Provision (benefit) for income taxes.......................... 226,811 339,659 286,293 249,834 207,482 95,310 ------------------ ---------- ---------- -------- -------- -------- Earnings before provision (benefit) for income taxes............... 652,101 904,150 819,594 737,805 628,476 302,966 ------------------ ---------- ---------- -------- -------- -------- Fixed charges: Interest expense (excluding interest on deposits).......... 216,475 212,439 226,207 159,897 91,005 100,953 Minority interest expense........ 41,247 3,804 -- -- -- -- Capitalized interest............. 486 1,054 1,386 665 1,364 1,498 Interest portion of rentals (33%).......................... 21,491 30,358 29,993 27,450 32,756 31,115 ------------------ ---------- ---------- -------- -------- -------- Total fixed charges............ 279,699 247,655 257,586 188,012 125,125 133,566 ------------------ ---------- ---------- -------- -------- -------- Earnings before provision (benefit) for income taxes and fixed charges.................. $ 931,800 $1,151,805 $1,077,180 $925,817 $753,601 $436,532 ------------------ ---------- ---------- -------- -------- -------- ------------------ ---------- ---------- -------- -------- -------- Preferred dividend requirements................... -- $ 2,168 15,861 18,234 18,238 18,254 Ratio of pre-tax income to net income......................... 1.53 1.60 1.54 1.51 1.49 1.46 ------------------ ---------- ---------- -------- -------- -------- Preferred dividend factor........ -- 3,473 24,376 27,570 27,226 26,632 Total Fixed Charges.............. 279,699 247,655 257,586 188,012 125,125 133,566 ------------------ ---------- ---------- -------- -------- -------- Combined fixed charges and preferred dividend requirements................... $ 279,699 $ 251,128 $ 281,962 $215,582 $152,351 $160,198 ------------------ ---------- ---------- -------- -------- -------- ------------------ ---------- ---------- -------- -------- -------- Ratio of earnings to combined fixed charges and preferred dividend requirements.......... 3.33 4.59 3.82 4.29 4.95 2.72 ------------------ ---------- ---------- -------- -------- -------- ------------------ ---------- ---------- -------- -------- --------
EXHIBIT 12.1 (CONTINUED) BARNETT BANKS, INC. -- CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (DOLLARS IN THOUSANDS)
NINE MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------------------------------------------------ SEPTEMBER 30, 1997 1996 1995 1994 1993 1992 ------------------ ---------- ---------- ---------- ---------- ---------- INCLUDING INTEREST ON DEPOSITS Net Income................. $ 425,290 $ 564,491 $ 533,301 $ 487,971 $ 420,994 $ 207,656 Provision (benefit) for income taxes............. 226,811 339,659 286,293 249,834 207,482 95,310 ------------------ ---------- ---------- ---------- ---------- ---------- Earnings before provision (benefit) for income taxes.................... 652,101 904,150 819,594 737,805 628,476 302,966 ------------------ ---------- ---------- ---------- ---------- ---------- Fixed charges: Interest expense (including interest on deposits)............. 906,372 1,136,770 1,219,253 921,408 880,105 1,143,680 Minority interest expense............... 41,247 3,804 -- -- -- -- Capitalized interest..... 486 1,054 1,386 665 1,364 1,498 Interest portion of rentals (33%)......... 21,491 30,358 29,993 27,450 32,256 31,115 ------------------ ---------- ---------- ---------- ---------- ---------- Total fixed charges...... 969,596 1,171,986 1,250,632 949,523 913,725 1,176,293 ------------------ ---------- ---------- ---------- ---------- ---------- Earnings before provision for income taxes and fixed charges............ $1,621,697 $2,076,136 $2,070,226 $1,687,328 $1,542,201 $1,479,259 ------------------ ---------- ---------- ---------- ---------- ---------- ------------------ ---------- ---------- ---------- ---------- ---------- Preferred dividend requirements............. -- 2,168 15,861 18,234 18,238 18,254 Ratio of pre-tax income to net income............... 1.53 1.60 1.54 1.51 1.49 1.46 ------------------ ---------- ---------- ---------- ---------- ---------- Preferred dividend factor................... -- 3,473 24,376 27,570 27,226 26,632 Total Fixed Charges........ 969,596 1,171,986 1,250,632 949,523 913,725 1,176,293 ------------------ ---------- ---------- ---------- ---------- ---------- Combined fixed charges and preferred dividend requirements............. $ 969,596 $1,175,459 $1,275,008 $ 977,093 $ 940,951 $1,202,925 ------------------ ---------- ---------- ---------- ---------- ---------- ------------------ ---------- ---------- ---------- ---------- ---------- Ratio of earnings to combined fixed charges and preferred dividend requirements............. 1.67 1.77 1.62 1.73 1.64 1.23 ------------------ ---------- ---------- ---------- ---------- ---------- ------------------ ---------- ---------- ---------- ---------- ----------