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

 
(Dollars in millions)    2003

    2002

    2001

    2000

    1999

 

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.