Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earning to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
| Year Ended December 31 |
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| (Dollars in millions) | 2003 |
2002 |
2001 |
2000 |
1999 |
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| Excluding Interest on Deposits |
||||||||||||||||||||
| Income before income taxes |
$ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | $ | 12,215 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(125 | ) | (6 | ) | (6 | ) | (27 | ) | (167 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
5,271 | 5,804 | 9,117 | 13,806 | 10,084 | |||||||||||||||
| 1/3 of net rent expense(1) |
398 | 383 | 379 | 368 | 342 | |||||||||||||||
| Total fixed charges |
5,669 | 6,187 | 9,496 | 14,174 | 10,426 | |||||||||||||||
| Preferred dividend requirements |
6 | 6 | 7 | 9 | 10 | |||||||||||||||
| Fixed charges and preferred dividends |
5,675 | 6,193 | 9,503 | 14,183 | 10,436 | |||||||||||||||
| Earnings |
$ | 21,405 | $ | 19,172 | $ | 19,607 | $ | 25,935 | $ | 22,474 | ||||||||||
| Ratio of earnings to fixed charges |
3.78 | 3.10 | 2.06 | 1.83 | 2.16 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
3.77 | 3.10 | 2.06 | 1.83 | 2.15 | |||||||||||||||
| Year Ended December 31 |
||||||||||||||||||||
| (Dollars in millions) | 2003 |
2002 |
2001 |
2000 |
1999 |
|||||||||||||||
| Including Interest on Deposits |
||||||||||||||||||||
| Income before income taxes |
$ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | $ | 12,215 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(125 | ) | (6 | ) | (6 | ) | (27 | ) | (167 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
10,179 | 11,238 | 18,003 | 24,816 | 19,086 | |||||||||||||||
| 1/3 of net rent expense(1) |
398 | 383 | 379 | 368 | 342 | |||||||||||||||
| Total fixed charges |
10,577 | 11,621 | 18,382 | 25,184 | 19,428 | |||||||||||||||
| Preferred dividend requirements |
6 | 6 | 7 | 9 | 10 | |||||||||||||||
| Fixed charges and preferred dividends |
10,583 | 11,627 | 18,389 | 25,193 | 19,438 | |||||||||||||||
| Earnings |
$ | 26,313 | $ | 24,606 | $ | 28,493 | $ | 36,945 | $ | 31,476 | ||||||||||
| Ratio of earnings to fixed charges |
2.49 | 2.12 | 1.55 | 1.47 | 1.62 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
2.49 | 2.12 | 1.55 | 1.47 | 1.62 | |||||||||||||||
| (1) | Represents an appropriate interest factor. |