Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
| Year Ended December 31 |
||||||||||||||||||||
| (Dollars in millions) | 2004 |
2003 |
2002 |
2001 |
2000 |
|||||||||||||||
| Excluding Interest on Deposits |
||||||||||||||||||||
| Income before income taxes |
$ | 21,221 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(135 | ) | (125 | ) | (6 | ) | (6 | ) | (27 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
8,155 | 5,271 | 5,804 | 9,117 | 13,806 | |||||||||||||||
| 1/3 of net rent expense(1) |
512 | 398 | 383 | 379 | 368 | |||||||||||||||
| Total fixed charges |
8,667 | 5,669 | 6,187 | 9,496 | 14,174 | |||||||||||||||
| Preferred dividend requirements |
23 | 6 | 6 | 7 | 9 | |||||||||||||||
| Fixed charges and preferred dividends |
8,690 | 5,675 | 6,193 | 9,503 | 14,183 | |||||||||||||||
| Earnings |
$ | 29,753 | $ | 21,405 | $ | 19,172 | $ | 19,607 | $ | 25,935 | ||||||||||
| Ratio of earnings to fixed charges |
3.43 | 3.78 | 3.10 | 2.06 | 1.83 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
3.42 | 3.77 | 3.10 | 2.06 | 1.83 | |||||||||||||||
| Year Ended December 31 |
||||||||||||||||||||
| (Dollars in millions) | 2004 |
2003 |
2002 |
2001 |
2000 |
|||||||||||||||
| Including Interest on Deposits |
||||||||||||||||||||
| Income before income taxes |
$ | 21,221 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(135 | ) | (125 | ) | (6 | ) | (6 | ) | (27 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
14,430 | 10,179 | 11,238 | 18,003 | 24,816 | |||||||||||||||
| 1/3 of net rent expense(1) |
512 | 398 | 383 | 379 | 368 | |||||||||||||||
| Total fixed charges |
14,942 | 10,577 | 11,621 | 18,382 | 25,184 | |||||||||||||||
| Preferred dividend requirements |
23 | 6 | 6 | 7 | 9 | |||||||||||||||
| Fixed charges and preferred dividends |
14,965 | 10,583 | 11,627 | 18,389 | 25,193 | |||||||||||||||
| Earnings |
$ | 36,028 | $ | 26,313 | $ | 24,606 | $ | 28,493 | $ | 36,945 | ||||||||||
| Ratio of earnings to fixed charges |
2.41 | 2.49 | 2.12 | 1.55 | 1.47 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
2.41 | 2.49 | 2.12 | 1.55 | 1.47 | |||||||||||||||
| (1) | Represents an appropriate interest factor. |