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
Ended

March 31, 2004


   Year Ended December 31

 
      2003

    2002

    2001

    2000

 

Excluding 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:

                                       

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
Ended

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:

                                       

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.