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) |
Nine Months Ended September 30, 2004 |
Year Ended December 31 |
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| 2003 |
2002 |
2001 |
2000 |
1999 |
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| Excluding Interest on Deposits |
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| Income before income taxes |
$ | 15,446 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | $ | 12,215 | ||||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(103 | ) | (125 | ) | (6 | ) | (6 | ) | (27 | ) | (167 | ) | ||||||||||||
| Fixed charges: |
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| Interest expense |
5,605 | 5,271 | 5,804 | 9,117 | 13,806 | 10,084 | ||||||||||||||||||
| 1/3 of net rent expense (1) |
368 | 398 | 383 | 379 | 368 | 342 | ||||||||||||||||||
| Total fixed charges |
5,973 | 5,669 | 6,187 | 9,496 | 14,174 | 10,426 | ||||||||||||||||||
| Preferred dividend requirements |
17 | 6 | 6 | 7 | 9 | 10 | ||||||||||||||||||
| Fixed charges and preferred dividends |
5,990 | 5,675 | 6,193 | 9,503 | 14,183 | 10,436 | ||||||||||||||||||
| Earnings |
$ | 21,316 | $ | 21,405 | $ | 19,172 | $ | 19,607 | $ | 25,935 | $ | 22,474 | ||||||||||||
| Ratio of earnings to fixed charges |
3.57 | 3.78 | 3.10 | 2.06 | 1.83 | 2.16 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
3.56 | 3.77 | 3.10 | 2.06 | 1.83 | 2.15 | ||||||||||||||||||
| Nine Months Ended September 30, 2004 |
Year Ended December 31 |
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| (Dollars in millions) |
2003 |
2002 |
2001 |
2000 |
1999 |
|||||||||||||||||||
| Including Interest on Deposits |
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| Income before income taxes |
$ | 15,446 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | $ | 12,215 | ||||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(103 | ) | (125 | ) | (6 | ) | (6 | ) | (27 | ) | (167 | ) | ||||||||||||
| Fixed charges: |
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| Interest expense |
10,051 | 10,179 | 11,238 | 18,003 | 24,816 | 19,086 | ||||||||||||||||||
| 1/3 of net rent expense (1) |
368 | 398 | 383 | 379 | 368 | 342 | ||||||||||||||||||
| Total fixed charges |
10,419 | 10,577 | 11,621 | 18,382 | 25,184 | 19,428 | ||||||||||||||||||
| Preferred dividend requirements |
17 | 6 | 6 | 7 | 9 | 10 | ||||||||||||||||||
| Fixed charges and preferred dividends |
10,436 | 10,583 | 11,627 | 18,389 | 25,193 | 19,438 | ||||||||||||||||||
| Earnings |
$ | 25,762 | $ | 26,313 | $ | 24,606 | $ | 28,493 | $ | 36,945 | $ | 31,476 | ||||||||||||
| Ratio of earnings to fixed charges |
2.47 | 2.49 | 2.12 | 1.55 | 1.47 | 1.62 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
2.47 | 2.49 | 2.12 | 1.55 | 1.47 | 1.62 | ||||||||||||||||||
| (1) | Represents an appropriate interest factor. |