BANK OF AMERICA CORPORATION AND SUBSIDIARIES EXHIBIT 12(B)
Ratio of Earnings to Fixed Charges and Preferred Dividends
- ------------------------------------------------------------------------ ----------------------------------------------------------
YEAR ENDED DECEMBER 31
THREE MONTHS ----------------------------------------------------------
ENDED
(DOLLARS IN MILLIONS) MARCH 31, 1999 1998 1997 1996 1995 1994
- ------------------------------------------------------- -------------- ----------------------------------------------------------
EXCLUDING INTEREST ON DEPOSITS
Income before income taxes $ 2,990 $ 8,048 $ 10,556 $ 9,311 $ 8,377 $ 7,010
Less: Equity in undistributed (earnings) losses
of unconsolidated subsidiaries (3) 162 (49) (7) (19) (55)
Fixed charges:
Interest expense (including capitalized interest) 2,288 9,479 8,219 7,082 6,354 4,572
1/3 of net rent expense 84 335 302 282 275 250
-------------- ----------------------------------------------------------
Total fixed charges 2,372 9,814 8,521 7,364 6,629 4,822
Preferred dividend requirements 3 40 183 332 426 467
-------------- ----------------------------------------------------------
Earnings (excluding capitalized interest) $ 5,359 $ 18,024 $ 19,026 $ 16,668 $ 14,987 $ 11,774
-------------- ----------------------------------------------------------
Fixed charges and preferred dividends $ 2,375 $ 9,854 $ 8,704 $ 7,696 $ 7,055 $ 5,289
-------------- ----------------------------------------------------------
Ratio of earnings to fixed charges and preferred dividends 2.26 1.83 2.19 2.17 2.12 2.23
============== ==========================================================
YEAR ENDED DECEMBER 31
THREE MONTHS ----------------------------------------------------------
ENDED
(DOLLARS IN MILLIONS) MARCH 31, 1999 1998 1997 1996 1995 1994
- ------------------------------------------------------- -------------- ----------------------------------------------------------
INCLUDING INTEREST ON DEPOSITS
Income before income taxes $ 2,990 $ 8,048 $ 10,556 $ 9,311 $ 8,377 $ 7,010
Less: Equity in undistributed (earnings) losses
of unconsolidated subsidiaries (3) 162 (49) (7) (19) (55)
Fixed charges:
Interest expense (including capitalized interest) 4,601 20,290 18,903 16,682 16,369 11,083
1/3 of net rent expense 84 335 302 282 275 250
-------------- ----------------------------------------------------------
Total fixed charges 4,685 20,625 19,205 16,964 16,644 11,333
Preferred dividend requirements 3 40 183 332 426 467
-------------- ----------------------------------------------------------
Earnings (excluding capitalized interest) $ 7,672 $ 28,835 $ 29,710 $ 26,268 $ 25,002 $ 18,285
-------------- ----------------------------------------------------------
Fixed charges and preferred dividends $ 4,688 $ 20,665 $ 19,388 $ 17,296 $ 17,070 $ 11,800
-------------- ----------------------------------------------------------
Ratio of earnings to fixed charges and preferred dividends 1.64 1.40 1.53 1.52 1.46 1.55
============== ==========================================================