Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
| Six Months Ended June 30, 2003 |
Year Ended December 31 | ||||||||||||||||||||||
| (Dollars in millions) |
2002 |
2001 |
2000 |
1999 |
1998 | ||||||||||||||||||
| Excluding Interest on Deposits |
|||||||||||||||||||||||
| Income before income taxes |
$ | 7,703 | $ | 12,991 | $ | 10,117 | $ | 11,788 | $ | 12,215 | $ | 8,048 | |||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(62 | ) | (6 | ) | (6 | ) | (27 | ) | (167 | ) | 162 | ||||||||||||
| Fixed charges: |
|||||||||||||||||||||||
| Interest expense |
2,694 | 5,804 | 9,117 | 13,806 | 10,084 | 9,479 | |||||||||||||||||
| 1/3 of net rent expense(1) |
190 | 383 | 379 | 368 | 342 | 335 | |||||||||||||||||
| Total fixed charges |
2,884 | 6,187 | 9,496 | 14,174 | 10,426 | 9,814 | |||||||||||||||||
| Preferred dividend requirements |
3 | 6 | 7 | 9 | 10 | 40 | |||||||||||||||||
| Fixed charges and preferred dividends |
2,887 | 6,193 | 9,503 | 14,183 | 10,436 | 9,854 | |||||||||||||||||
| Earnings |
$ | 10,525 | $ | 19,172 | $ | 19,607 | $ | 25,935 | $ | 22,474 | $ | 18,024 | |||||||||||
| Ratio of earnings to fixed charges |
3.65 | 3.10 | 2.06 | 1.83 | 2.16 | 1.84 | |||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
3.65 | 3.10 | 2.06 | 1.83 | 2.15 | 1.83 | |||||||||||||||||
| Six Months Ended June 30, 2003 |
Year Ended December 31 | ||||||||||||||||||||||
| (Dollars in millions) |
2002 |
2001 |
2000 |
1999 |
1998 | ||||||||||||||||||
| Including Interest on Deposits |
|||||||||||||||||||||||
| Income before income taxes |
$ | 7,703 | $ | 12,991 | $ | 10,117 | $ | 11,788 | $ | 12,215 | $ | 8,048 | |||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(62 | ) | (6 | ) | (6 | ) | (27 | ) | (167 | ) | 162 | ||||||||||||
| Fixed charges: |
|||||||||||||||||||||||
| Interest expense |
5,146 | 11,238 | 18,003 | 24,816 | 19,086 | 20,290 | |||||||||||||||||
| 1/3 of net rent expense(1) |
190 | 383 | 379 | 368 | 342 | 335 | |||||||||||||||||
| Total fixed charges |
5,336 | 11,621 | 18,382 | 25,184 | 19,428 | 20,625 | |||||||||||||||||
| Preferred dividend requirements |
3 | 6 | 7 | 9 | 10 | 40 | |||||||||||||||||
| Fixed charges and preferred dividends |
5,339 | 11,627 | 18,389 | 25,193 | 19,438 | 20,665 | |||||||||||||||||
| Earnings |
$ | 12,977 | $ | 24,606 | $ | 28,493 | $ | 36,945 | $ | 31,476 | $ | 28,835 | |||||||||||
| Ratio of earnings to fixed charges |
2.43 | 2.12 | 1.55 | 1.47 | 1.62 | 1.40 | |||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
2.43 | 2.12 | 1.55 | 1.47 | 1.62 | 1.40 | |||||||||||||||||
| (1) | Represents an appropriate interest factor. |