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 | Year Ended December 31 | |||||||||||||||||||||||
| (Dollars in millions) | September 30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
| Excluding Interest on Deposits |
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| Income before income taxes |
$ | 8,230 | $ | 20,924 | $ | 31,973 | $ | 24,480 | $ | 20,908 | $ | 15,781 | ||||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(256 | ) | (95 | ) | (315 | ) | (151 | ) | (135 | ) | (125 | ) | ||||||||||||
| Fixed charges: |
||||||||||||||||||||||||
| Interest expense |
19,874 | 34,778 | 29,514 | 18,397 | 9,072 | 6,105 | ||||||||||||||||||
| 1/3 of net rent expense (1) |
571 | 669 | 609 | 585 | 512 | 398 | ||||||||||||||||||
| Total fixed charges |
20,445 | 35,447 | 30,123 | 18,982 | 9,584 | 6,503 | ||||||||||||||||||
| Preferred dividend requirements |
1,205 | 254 | 33 | 27 | 23 | 6 | ||||||||||||||||||
| Fixed charges and preferred dividends |
21,650 | 35,701 | 30,156 | 19,009 | 9,607 | 6,509 | ||||||||||||||||||
| Earnings |
$ | 28,419 | $ | 56,276 | $ | 61,781 | $ | 43,311 | $ | 30,357 | $ | 22,159 | ||||||||||||
| Ratio of earnings to fixed charges |
1.39 | 1.59 | 2.05 | 2.28 | 3.17 | 3.41 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
1.31 | 1.58 | 2.05 | 2.28 | 3.16 | 3.40 | ||||||||||||||||||
| Nine Months Ended | Year Ended December 31 | |||||||||||||||||||||||
| (Dollars in millions) |
September 30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
| Including Interest on Deposits |
||||||||||||||||||||||||
| Income before income taxes |
$ | 8,230 | $ | 20,924 | $ | 31,973 | $ | 24,480 | $ | 20,908 | $ | 15,781 | ||||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(256 | ) | (95 | ) | (315 | ) | (151 | ) | (135 | ) | (125 | ) | ||||||||||||
| Fixed charges: |
||||||||||||||||||||||||
| Interest expense |
31,828 | 52,871 | 43,994 | 27,889 | 14,993 | 10,667 | ||||||||||||||||||
| 1/3 of net rent expense (1) |
571 | 669 | 609 | 585 | 512 | 398 | ||||||||||||||||||
| Total fixed charges |
32,399 | 53,540 | 44,603 | 28,474 | 15,505 | 11,065 | ||||||||||||||||||
| Preferred dividend requirements |
1,205 | 254 | 33 | 27 | 23 | 6 | ||||||||||||||||||
| Fixed charges and preferred dividends |
33,604 | 53,794 | 44,636 | 28,501 | 15,528 | 11,071 | ||||||||||||||||||
| Earnings |
$ | 40,373 | $ | 74,369 | $ | 76,261 | $ | 52,803 | $ | 36,278 | $ | 26,721 | ||||||||||||
| Ratio of earnings to fixed charges |
1.25 | 1.39 | 1.71 | 1.85 | 2.34 | 2.41 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
1.20 | 1.38 | 1.71 | 1.85 | 2.34 | 2.41 | ||||||||||||||||||
| (1) |
Represents an appropriate interest factor. |