Bank of America Corporation and Subsidiaries Exhibit 12
Ratio of Earnings to Fixed Charges and Preferred Dividends
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Year Ended December 31
Three Months -----------------------------------------------
Ended
(Dollars in millions) March 31,2002 2001 2000 1999 1998 1997
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Excluding Interest on Deposits
Income before income taxes $3,303 $10,117 $11,788 $12,215 $ 8,048 $10,556
Less: Equity in undistributed earnings of
unconsolidated subsidiaries (4) (6) (27) (167) 162 (49)
Fixed charges:
Interest expense 1,374 9,117 13,806 10,084 9,479 8,219
1/3 of net rent expense 96 379 368 342 335 302
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Total fixed charges 1,470 9,496 14,174 10,426 9,814 8,521
Preferred dividend requirements 2 7 9 10 40 183
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Fixed charges and preferred dividends 1,472 9,503 14,183 10,436 9,854 8,704
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Earnings $4,769 $19,607 $25,935 $22,474 $18,024 $19,028
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Ratio of earnings to fixed charges 3.24 2.06 1.83 2.16 1.84 2.23
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Ratio of earnings to fixed charges and preferred dividends 3.24 2.06 1.83 2.15 1.83 2.19
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Year Ended December 31
Three Months -----------------------------------------------
Ended
(Dollars in millions) March 31,2002 2001 2000 1999 1998 1997
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Including Interest on Deposits
Income before income taxes $3,303 $10,117 $11,788 $12,215 $ 8,048 $10,556
Less: Equity in undistributed earnings of
unconsolidated subsidiaries (4) (6) (27) (167) 162 (49)
Fixed charges:
Interest expense 2,718 18,003 24,816 19,086 20,290 18,903
1/3 of net rent expense 96 379 368 342 335 302
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Total fixed charges 2,814 18,382 25,184 19,428 20,625 19,205
Preferred dividend requirements 2 7 9 10 40 183
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Fixed charges and preferred dividends 2,816 18,389 25,193 19,438 20,665 19,388
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Earnings $6,113 $28,493 $36,945 $31,476 $28,835 $29,712
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Ratio of earnings to fixed charges 2.17 1.55 1.47 1.62 1.40 1.55
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Ratio of earnings to fixed charges and preferred dividends 2.17 1.55 1.47 1.62 1.40 1.53
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