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)   2008   2007     2006     2005     2004     2003  

Excluding Interest on Deposits

           

Income before income taxes

  $ 4,428   $ 20,924     $ 31,973     $ 24,480     $ 20,908     $ 15,781  

Equity in undistributed earnings of unconsolidated subsidiaries

    144     (95 )     (315 )     (151 )     (135 )     (125 )

Fixed charges:

           

Interest expense

    25,074     34,778       29,514       18,397       9,072       6,105  

1/3 of net rent expense (1)

    791     669       609       585       512       398  

Total fixed charges

    25,865     35,447       30,123       18,982       9,584       6,503  

Preferred dividend requirements

    1,461     254       33       27       23       6  

Fixed charges and preferred dividends

    27,326     35,701       30,156       19,009       9,607       6,509  

Earnings

  $ 30,437   $ 56,276     $ 61,781     $ 43,311     $ 30,357     $ 22,159  

Ratio of earnings to fixed charges

    1.18     1.59       2.05       2.28       3.17       3.41  

Ratio of earnings to fixed charges and preferred dividends

    1.11     1.58       2.05       2.28       3.16       3.40  
    Year Ended December 31  
(Dollars in millions)   2008   2007     2006     2005     2004     2003  

Including Interest on Deposits

           

Income before income taxes

  $ 4,428   $ 20,924     $ 31,973     $ 24,480     $ 20,908     $ 15,781  

Equity in undistributed earnings of unconsolidated subsidiaries

    144     (95 )     (315 )     (151 )     (135 )     (125 )

Fixed charges:

           

Interest expense

    40,324     52,871       43,994       27,889       14,993       10,667  

1/3 of net rent expense (1)

    791     669       609       585       512       398  

Total fixed charges

    41,115     53,540       44,603       28,474       15,505       11,065  

Preferred dividend requirements

    1,461     254       33       27       23       6  

Fixed charges and preferred dividends

    42,576     53,794       44,636       28,501       15,528       11,071  

Earnings

  $ 45,687   $ 74,369     $ 76,261     $ 52,803     $ 36,278     $ 26,721  

Ratio of earnings to fixed charges

    1.11     1.39       1.71       1.85       2.34       2.41  

Ratio of earnings to fixed charges and preferred dividends

    1.07     1.38       1.71       1.85       2.34       2.41  

 

(1)

Represents an appropriate interest factor.