NationsBank Corporation and Subsidiaries Exhibit 12(b) Ratio of Earnings to Fixed Charges and Preferred Dividends - ------------------------------------------------------------------------------------------------------------------------------------ (Dollars in Millions) Year Ended December 31 ----------------------------------------------------------------------------- 1997 1996 1995 1994 1993 ----------------------------------------------------------------------------- Excluding Interest on Deposits - ----------------------------------------------------- Income before taxes ................................ $ 5,230 $ 4,536 $ 3,810 $ 3,293 $ 2,619 Equity in undistributed losses (earnings) of unconsolidated subsidiaries ................... - 2 (7) (3) (5) Fixed charges: Interest expense (including capitalized interest) ....................... 5,060 4,342 4,706 3,056 1,512 Amortization of debt discount and appropriate issuance costs .................. 19 20 12 8 6 1/3 of net rent expense ....................... 180 157 155 141 129 ----------------------------------------------------------------------------- Total fixed charges ........................ 5,259 4,519 4,873 3,205 1,647 Preferred dividend requirements .................... 17 25 37 43 43 Earnings (excluding capitalized interest) .......... $ 10,489 $ 9,057 $ 8,676 $ 6,495 $ 4,261 ============================================================================= Fixed charges ...................................... $ 5,276 $ 4,544 $ 4,910 $ 3,248 $ 1,690 ============================================================================= Ratio of Earnings to Fixed Charges ................. 1.99 1.99 1.77 2.00 2.52 Including Interest on Deposits - ----------------------------------------------------- Income before taxes ................................ $ 5,230 $ 4,536 $ 3,810 $ 3,293 $ 2,619 Equity in undistributed losses (earnings) of unconsolidated subsidiaries ................... - 2 (7) (3) (5) Fixed charges: Interest expense (including capitalized interest) ............................ 9,951 8,588 8,980 6,231 4,450 Amortization of debt discount and appropriate issuance costs ....................... 19 20 12 8 6 1/3 of net rent expense ............................ 180 157 155 141 129 ----------------------------------------------------------------------------- Total fixed charges ........................ 10,150 8,765 9,147 6,380 4,585 Preferred dividend requirements .................... 17 25 37 43 43 Earnings (excluding capitalized interest) .......... $ 15,380 $ 13,303 $ 12,950 $ 9,670 $ 7,199 ============================================================================= Fixed charges ...................................... $ 10,167 $ 8,790 $ 9,184 $ 6,423 $ 4,628 ============================================================================= Ratio of Earnings to Fixed Charges ................. 1.51 1.51 1.41 1.51 1.56