Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
| (Dollars in millions) |
Three Months March 31, 2004 |
Year Ended December 31 |
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| 2003 |
2002 |
2001 |
2000 |
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| Excluding Interest on Deposits |
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| Income before income taxes |
$ | 3,972 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | |||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
— | (125 | ) | (6 | ) | (6 | ) | (27 | ) | ||||||||||
| Fixed charges: |
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| Interest expense |
1,565 | 5,271 | 5,804 | 9,117 | 13,806 | ||||||||||||||
| 1/3 of net rent expense(1) |
107 | 398 | 383 | 379 | 368 | ||||||||||||||
| Total fixed charges |
1,672 | 5,669 | 6,187 | 9,496 | 14,174 | ||||||||||||||
| Preferred dividend requirements |
2 | 6 | 6 | 7 | 9 | ||||||||||||||
| Fixed charges and preferred dividends |
1,674 | 5,675 | 6,193 | 9,503 | 14,183 | ||||||||||||||
| Earnings |
$ | 5,644 | $ | 21,405 | $ | 19,172 | $ | 19,607 | $ | 25,935 | |||||||||
| Ratio of earnings to fixed charges |
3.38 | 3.78 | 3.10 | 2.06 | 1.83 | ||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
3.37 | 3.77 | 3.10 | 2.06 | 1.83 | ||||||||||||||
| (Dollars in millions) |
Three Months March 31, 2004 |
Year Ended December 31, |
|||||||||||||||||
| 2003 |
2002 |
2001 |
2000 |
||||||||||||||||
| Including Interest on Deposits |
|||||||||||||||||||
| Income before income taxes |
$ | 3,972 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | |||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
— | (125 | ) | (6 | ) | (6 | ) | (27 | ) | ||||||||||
| Fixed charges: |
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| Interest expense |
2,771 | 10,179 | 11,238 | 18,003 | 24,816 | ||||||||||||||
| 1/3 of net rent expense(1) |
107 | 398 | 383 | 379 | 368 | ||||||||||||||
| Total fixed charges |
2,878 | 10,577 | 11,621 | 18,382 | 25,184 | ||||||||||||||
| Preferred dividend requirements |
2 | 6 | 6 | 7 | 9 | ||||||||||||||
| Fixed charges and preferred dividends |
2,880 | 10,583 | 11,627 | 18,389 | 25,193 | ||||||||||||||
| Earnings |
$ | 6,850 | $ | 26,313 | $ | 24,606 | $ | 28,493 | $ | 36,945 | |||||||||
| Ratio of earnings to fixed charges |
2.38 | 2.49 | 2.12 | 1.55 | 1.47 | ||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
2.38 | 2.49 | 2.12 | 1.55 | 1.47 | ||||||||||||||
| (1) | Represents on appropriate interest factor. |