| Bank of America Corporation and Subsidiaries Ratio of Earnings to Fixed Charges Ratio of Earnings to Fixed Charges and Preferred Dividends |
Exhibit 12 |
| Year Ended December 31 | ||||||||||||||||||||
| (Dollars in millions) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| Excluding Interest on Deposits |
||||||||||||||||||||
| Income before income taxes |
$ | 4,360 | $ | 4,428 | $ | 20,924 | $ | 31,973 | $ | 24,480 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(1,833 | ) | (144 | ) | (95 | ) | (315 | ) | (151 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
23,000 | 25,074 | 34,778 | 29,514 | 18,397 | |||||||||||||||
| 1/3 of net rent expense (1) |
1,110 | 791 | 669 | 609 | 585 | |||||||||||||||
| Total fixed charges |
24,110 | 25,865 | 35,447 | 30,123 | 18,982 | |||||||||||||||
| Preferred dividend requirements |
5,921 | 1,461 | 254 | 33 | 27 | |||||||||||||||
| Fixed charges and preferred dividends |
30,031 | 27,326 | 35,701 | 30,156 | 19,009 | |||||||||||||||
| Earnings |
26,637 | $ | 30,149 | $ | 56,276 | $ | 61,781 | $ | 43,311 | |||||||||||
| Ratio of earnings to fixed charges |
1.10 | 1.17 | 1.59 | 2.05 | 2.28 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends (2) |
— | 1.10 | 1.58 | 2.05 | 2.28 | |||||||||||||||
| Year Ended December 31 | ||||||||||||||||||||
| (Dollars in millions) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
| Including Interest on Deposits |
||||||||||||||||||||
| Income before income taxes |
$ | 4,360 | $ | 4,428 | $ | 20,924 | $ | 31,973 | $ | 24,480 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(1,833 | ) | (144 | ) | (95 | ) | (315 | ) | (151 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
30,807 | 40,324 | 52,871 | 43,994 | 27,889 | |||||||||||||||
| 1/3 of net rent expense (1) |
1,110 | 791 | 669 | 609 | 585 | |||||||||||||||
| Total fixed charges |
31,917 | 41,115 | 53,540 | 44,603 | 28,474 | |||||||||||||||
| Preferred dividend requirements |
5,921 | 1,461 | 254 | 33 | 27 | |||||||||||||||
| Fixed charges and preferred dividends |
37,838 | 42,576 | 53,794 | 44,636 | 28,501 | |||||||||||||||
| Earnings |
34,444 | $ | 45,399 | $ | 74,369 | $ | 76,261 | $ | 52,803 | |||||||||||
| Ratio of earnings to fixed charges |
1.08 | 1.10 | 1.39 | 1.71 | 1.85 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends (2) |
— | 1.07 | 1.38 | 1.71 | 1.85 | |||||||||||||||
| (1) | Represents an appropriate interest factor. |
| (2) | The earnings for 2009 were inadequate to cover fixed charges and preferred stock dividends. The earnings deficiency is a result of the accelerated accretion of $4.0 billion recorded as a result of the repurchase of TARP Preferred Stock. The coverage deficiency for fixed charges and preferred dividends was $3.4 billion. |