Bank of America Corporation and Subsidiaries Exhibit 12(b)
Ratio of Earnings to Fixed Charges and Preferred Dividends
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Six Months Year Ended December 31
Ended --------------------------------------------------------------
(Dollars in millions) June 30, 2001 2000 1999 1998 1997 1996
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Excluding Interest on Deposits
Income before income taxes $ 6,065 $11,788 $12,215 $ 8,048 $10,556 $ 9,311
Less: Equity in undistributed earnings of
unconsolidated subsidiaries (2) (27) (167) 162 (49) (7)
Fixed charges:
Interest expense (including capitalized interest) 5,421 13,806 10,084 9,479 8,219 7,082
1/3 of net rent expense 187 368 342 335 302 282
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Total fixed charges 5,608 14,174 10,426 9,814 8,521 7,364
Preferred dividend requirements 3 9 10 40 183 332
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Earnings (excluding capitalized interest) $11,671 $25,935 $22,474 $18,024 $19,028 $16,668
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Fixed charges and preferred dividends $ 5,611 $14,183 $10,436 $ 9,854 $ 8,704 $ 7,696
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Ratio of earnings to fixed charges and preferred
dividends 2.08 1.83 2.15 1.83 2.19 2.17
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Six Months Year Ended December 31
Ended --------------------------------------------------------------
June 30, 2001 2000 1999 1998 1997 1996
(Dollars in millions)
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Including Interest on Deposits
Income before income taxes $ 6,065 $11,788 $12,215 $ 8,048 $10,556 $ 9,311
Less: Equity in undistributed earnings of
unconsolidated subsidiaries (2) (27) (167) 162 (49) (7)
Fixed charges:
Interest expense (including capitalized interest) 10,497 24,816 19,086 20,290 18,903 16,682
1/3 of net rent expense 187 368 342 335 302 282
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Total fixed charges 10,684 25,184 19,428 20,625 19,205 16,964
Preferred dividend requirements 3 9 10 40 183 332
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Earnings (excluding capitalized interest) $16,747 $36,945 $ 31,476 $ 28,835 $29,712 $26,268
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Fixed charges and preferred dividends $10,687 $25,193 $ 19,438 $ 20,665 $19,388 $17,296
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Ratio of earnings to fixed charges and preferred 1.57 1.47 1.62 1.40 1.53 1.52
dividends
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