RATIO OF EARNINGS TO FIXED CHARGES
Published on March 1, 2004
Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earning to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
|
Year Ended December 31 |
||||||||||||||||||||
| (Dollars in millions) |
2003 |
2002 |
2001 |
2000 |
1999 |
|||||||||||||||
| Excluding Interest on Deposits |
||||||||||||||||||||
| Income before income taxes |
$ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | $ | 12,215 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(125 | ) | (6 | ) | (6 | ) | (27 | ) | (167 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
5,271 | 5,804 | 9,117 | 13,806 | 10,084 | |||||||||||||||
| 1/3 of net rent expense(1) |
398 | 383 | 379 | 368 | 342 | |||||||||||||||
| Total fixed charges |
5,669 | 6,187 | 9,496 | 14,174 | 10,426 | |||||||||||||||
| Preferred dividend requirements |
6 | 6 | 7 | 9 | 10 | |||||||||||||||
| Fixed charges and preferred dividends |
5,675 | 6,193 | 9,503 | 14,183 | 10,436 | |||||||||||||||
| Earnings |
$ | 21,405 | $ | 19,172 | $ | 19,607 | $ | 25,935 | $ | 22,474 | ||||||||||
| Ratio of earnings to fixed charges |
3.78 | 3.10 | 2.06 | 1.83 | 2.16 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
3.77 | 3.10 | 2.06 | 1.83 | 2.15 | |||||||||||||||
|
Year Ended December 31 |
||||||||||||||||||||
| (Dollars in millions) |
2003 |
2002 |
2001 |
2000 |
1999 |
|||||||||||||||
| Including Interest on Deposits |
||||||||||||||||||||
| Income before income taxes |
$ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | $ | 12,215 | ||||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
(125 | ) | (6 | ) | (6 | ) | (27 | ) | (167 | ) | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
10,179 | 11,238 | 18,003 | 24,816 | 19,086 | |||||||||||||||
| 1/3 of net rent expense(1) |
398 | 383 | 379 | 368 | 342 | |||||||||||||||
| Total fixed charges |
10,577 | 11,621 | 18,382 | 25,184 | 19,428 | |||||||||||||||
| Preferred dividend requirements |
6 | 6 | 7 | 9 | 10 | |||||||||||||||
| Fixed charges and preferred dividends |
10,583 | 11,627 | 18,389 | 25,193 | 19,438 | |||||||||||||||
| Earnings |
$ | 26,313 | $ | 24,606 | $ | 28,493 | $ | 36,945 | $ | 31,476 | ||||||||||
| Ratio of earnings to fixed charges |
2.49 | 2.12 | 1.55 | 1.47 | 1.62 | |||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
2.49 | 2.12 | 1.55 | 1.47 | 1.62 | |||||||||||||||
| (1) | Represents an appropriate interest factor. |