RATIO OF EARNINGS TO FIXED CHARGES
Published on May 7, 2004
Exhibit 12
Bank of America Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges and Preferred Dividends
| (Dollars in millions) |
Three Months March 31, 2004 |
Year Ended December 31 |
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|
2003 |
2002 |
2001 |
2000 |
||||||||||||||||
| Excluding Interest on Deposits |
|||||||||||||||||||
| Income before income taxes |
$ | 3,972 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | |||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
| (125 | ) | (6 | ) | (6 | ) | (27 | ) | ||||||||||
| Fixed charges: |
|||||||||||||||||||
| Interest expense |
1,565 | 5,271 | 5,804 | 9,117 | 13,806 | ||||||||||||||
| 1/3 of net rent expense(1) |
107 | 398 | 383 | 379 | 368 | ||||||||||||||
| Total fixed charges |
1,672 | 5,669 | 6,187 | 9,496 | 14,174 | ||||||||||||||
| Preferred dividend requirements |
2 | 6 | 6 | 7 | 9 | ||||||||||||||
| Fixed charges and preferred dividends |
1,674 | 5,675 | 6,193 | 9,503 | 14,183 | ||||||||||||||
| Earnings |
$ | 5,644 | $ | 21,405 | $ | 19,172 | $ | 19,607 | $ | 25,935 | |||||||||
| Ratio of earnings to fixed charges |
3.38 | 3.78 | 3.10 | 2.06 | 1.83 | ||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
3.37 | 3.77 | 3.10 | 2.06 | 1.83 | ||||||||||||||
| (Dollars in millions) |
Three Months March 31, 2004 |
Year Ended December 31, |
|||||||||||||||||
|
2003 |
2002 |
2001 |
2000 |
||||||||||||||||
| Including Interest on Deposits |
|||||||||||||||||||
| Income before income taxes |
$ | 3,972 | $ | 15,861 | $ | 12,991 | $ | 10,117 | $ | 11,788 | |||||||||
| Equity in undistributed earnings of unconsolidated subsidiaries |
| (125 | ) | (6 | ) | (6 | ) | (27 | ) | ||||||||||
| Fixed charges: |
|||||||||||||||||||
| Interest expense |
2,771 | 10,179 | 11,238 | 18,003 | 24,816 | ||||||||||||||
| 1/3 of net rent expense(1) |
107 | 398 | 383 | 379 | 368 | ||||||||||||||
| Total fixed charges |
2,878 | 10,577 | 11,621 | 18,382 | 25,184 | ||||||||||||||
| Preferred dividend requirements |
2 | 6 | 6 | 7 | 9 | ||||||||||||||
| Fixed charges and preferred dividends |
2,880 | 10,583 | 11,627 | 18,389 | 25,193 | ||||||||||||||
| Earnings |
$ | 6,850 | $ | 26,313 | $ | 24,606 | $ | 28,493 | $ | 36,945 | |||||||||
| Ratio of earnings to fixed charges |
2.38 | 2.49 | 2.12 | 1.55 | 1.47 | ||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
2.38 | 2.49 | 2.12 | 1.55 | 1.47 | ||||||||||||||
| (1) | Represents on appropriate interest factor. |