EXHIBIT 12.1
NATIONSBANK CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended
December 31
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1994 1993 1992 1991 1990
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(Dollars in Thousands)
Excluding Interest on Deposits
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Income before taxes........................ $2,554,778 $1,991,103 $1,396,213 $ 108,524 $ 625,467
Equity in undistributed earnings
of unconsolidated subsidiaries........... (2,604) (4,756) (1,426) (1,114) (668)
Fixed charges:
Interest expense (including
capitalized interest)............... 2,895,569 1,420,800 915,880 1,290,755 1,851,513
Amortization of debt discount and
appropriate issuance costs.......... 8,194 6,377 3,000 2,093 2,872
1/3 of net rent expense............... 114,414 95,786 90,667 81,909 66,195
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Total fixed charges........................ 3,018,177 1,522,963 1,009,547 1,374,757 1,920,580
Earnings (excluding capitalized interest).. $5,570,351 $3,509,310 $2,398,329 $1,470,621 $2,533,093
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Fixed charges.............................. $3,018,177 $1,522,963 $1,009,547 $1,374,757 $1,920,580
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Ratio of Earnings to Fixed Charges......... 1.85 2.30 2.38 1.07 1.32
Including Interest on Deposits
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Income before taxes........................ $2,554,778 $1,991,103 $1,396,213 $ 108,524 $ 625,467
Equity in undistributed earnings
of unconsolidated subsidiaries........... (2,604) (4,756) (1,426) (1,114) (668)
Fixed charges:
Interest expense (including
capitalized interest)............... 5,310,419 3,570,079 3,687,650 5,611,057 6,683,262
Amortization of debt discount and
appropriate issuance costs.......... 8,194 6,377 3,000 2,093 2,872
1/3 of net rent expense............... 114,414 95,786 90,667 81,909 66,195
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Total fixed charges........................ 5,433,027 3,672,242 3,781,317 5,695,059 6,752,329
Earnings (excluding capitalized interest).. $7,985,201 $5,658,589 $5,170,099 $5,790,923 $7,364,842
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Fixed charges.............................. $5,433,027 $3,672,242 $3,781,317 $5,695,059 $6,752,329
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Ratio of Earnings to Fixed Charges......... 1.47 1.54 1.37 1.02 1.09