Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 1, 2016

Documents



Bank of America Corporation and Subsidiaries
 
 
 
 
 
 
 
 
Exhibit 12
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges and Preferred Dividends
 
 
 
Year Ended December 31
(Dollars in millions)
Nine Months Ended September 30, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
Excluding Interest on Deposits
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
19,098

 
$
22,070

 
$
7,963

 
$
14,733

 
$
2,535

 
$
205

Equity in undistributed earnings (loss) of unconsolidated subsidiaries
(236
)
 
(152
)
 
(222
)
 
(66
)
 
212

 
596

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
6,652

 
9,688

 
9,855

 
11,359

 
14,754

 
18,618

1/3 of net rent expense (1)
665

 
945

 
1,023

 
1,091

 
1,092

 
1,072

Total fixed charges
7,317

 
10,633

 
10,878

 
12,450

 
15,846

 
19,690

Preferred dividend requirements
1,910

 
2,067

 
1,506

 
1,746

 
968

 
158

Fixed charges and preferred dividends
9,227

 
12,700

 
12,384

 
14,196

 
16,814

 
19,848

Earnings
$
26,179

 
$
32,551

 
$
18,619

 
$
27,117

 
$
18,593

 
$
20,491

Ratio of earnings to fixed charges
3.58

 
3.06

 
1.71

 
2.18

 
1.17

 
1.04

Ratio of earnings to fixed charges and preferred dividends
2.84

 
2.56

 
1.50

 
1.91

 
1.11

 
1.03

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
(Dollars in millions)
Nine Months Ended September 30, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
Including Interest on Deposits
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
19,098

 
$
22,070

 
$
7,963

 
$
14,733

 
$
2,535

 
$
205

Equity in undistributed earnings (loss) of unconsolidated subsidiaries
(236
)
 
(152
)
 
(222
)
 
(66
)
 
212

 
596

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
7,388

 
10,549

 
10,935

 
12,755

 
16,744

 
21,620

1/3 of net rent expense (1)
665

 
945

 
1,023

 
1,091

 
1,092

 
1,072

Total fixed charges
8,053

 
11,494

 
11,958

 
13,846

 
17,836

 
22,692

Preferred dividend requirements
1,910

 
2,067

 
1,506

 
1,746

 
968

 
158

Fixed charges and preferred dividends
9,963

 
13,561

 
13,464

 
15,592

 
18,804

 
22,850

Earnings
$
26,915

 
$
33,412

 
$
19,699

 
$
28,513

 
$
20,583

 
$
23,493

Ratio of earnings to fixed charges
3.34

 
2.91

 
1.65

 
2.06

 
1.15

 
1.04

Ratio of earnings to fixed charges and preferred dividends
2.70

 
2.46

 
1.46

 
1.83

 
1.09

 
1.03

(1) 
Represents an appropriate interest factor.