Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
| Nine Months Ended September 30, 2007 |
Year Ended December 31 | |||||||||||||||||||||||
| (Dollars in millions) |
2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||
| Excluding Interest on Deposits |
||||||||||||||||||||||||
| Income before income taxes |
$ | 21,839 | $ | 31,973 | $ | 24,480 | $ | 20,908 | $ | 15,781 | $ | 13,479 | ||||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(233 | ) | (315 | ) | (151 | ) | (135 | ) | (125 | ) | (6 | ) | ||||||||||||
| Fixed charges: |
||||||||||||||||||||||||
| Interest expense |
25,716 | 29,514 | 18,397 | 9,072 | 6,105 | 6,363 | ||||||||||||||||||
| 1/3 of net rent expense (1) |
492 | 609 | 585 | 512 | 398 | 383 | ||||||||||||||||||
| Total fixed charges |
26,208 | 30,123 | 18,982 | 9,584 | 6,503 | 6,746 | ||||||||||||||||||
| Preferred dividend requirements |
191 | 33 | 27 | 23 | 6 | 6 | ||||||||||||||||||
| Fixed charges and preferred dividends |
26,399 | 30,156 | 19,009 | 9,607 | 6,509 | 6,752 | ||||||||||||||||||
| Earnings |
$ | 47,814 | $ | 61,781 | $ | 43,311 | $ | 30,357 | $ | 22,159 | $ | 20,219 | ||||||||||||
| Ratio of earnings to fixed charges |
1.82 | 2.05 | 2.28 | 3.17 | 3.41 | 3.00 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
1.81 | 2.05 | 2.28 | 3.16 | 3.40 | 2.99 | ||||||||||||||||||
| Nine Months Ended September 30, 2007 |
Year Ended December 31 | |||||||||||||||||||||||
| (Dollars in millions) |
2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||
| Including Interest on Deposits |
||||||||||||||||||||||||
| Income before income taxes |
$ | 21,839 | $ | 31,973 | $ | 24,480 | $ | 20,908 | $ | 15,781 | $ | 13,479 | ||||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(233 | ) | (315 | ) | (151 | ) | (135 | ) | (125 | ) | (6 | ) | ||||||||||||
| Fixed charges: |
||||||||||||||||||||||||
| Interest expense |
38,556 | 43,994 | 27,889 | 14,993 | 10,667 | 11,632 | ||||||||||||||||||
| 1/3 of net rent expense (1) |
492 | 609 | 585 | 512 | 398 | 383 | ||||||||||||||||||
| Total fixed charges |
39,048 | 44,603 | 28,474 | 15,505 | 11,065 | 12,015 | ||||||||||||||||||
| Preferred dividend requirements |
191 | 33 | 27 | 23 | 6 | 6 | ||||||||||||||||||
| Fixed charges and preferred dividends |
39,239 | 44,636 | 28,501 | 15,528 | 11,071 | 12,021 | ||||||||||||||||||
| Earnings |
$ | 60,654 | $ | 76,261 | $ | 52,803 | $ | 36,278 | $ | 26,721 | $ | 25,488 | ||||||||||||
| Ratio of earnings to fixed charges |
1.55 | 1.71 | 1.85 | 2.34 | 2.41 | 2.12 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
1.55 | 1.71 | 1.85 | 2.34 | 2.41 | 2.12 | ||||||||||||||||||
| (1) |
Represents an appropriate interest factor. |
138