EX-12 3 bac-630201710xqex12.htm EXHIBIT 12 Exhibit


Bank of America Corporation and Subsidiaries
 
 
 
 
 
 
 
Exhibit 12
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges and Preferred Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
(Dollars in millions)
Six Months Ended June 30, 2017
 
2016
 
2015
 
2014
 
2013
 
2012
Excluding Interest on Deposits
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
14,942

 
$
25,153

 
$
22,070

 
$
7,963

 
$
14,733

 
$
2,535

Equity in undistributed earnings (loss) of unconsolidated subsidiaries
(88
)
 
(262
)
 
(152
)
 
(222
)
 
(66
)
 
212

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
5,184

 
8,946

 
9,688

 
9,855

 
11,359

 
14,754

1/3 of net rent expense (1)
420

 
883

 
945

 
1,023

 
1,091

 
1,092

Total fixed charges
5,604

 
9,829

 
10,633

 
10,878

 
12,450

 
15,846

Preferred dividend requirements
1,274

 
2,363

 
2,067

 
1,506

 
1,746

 
968

Fixed charges and preferred dividends
6,878

 
12,192

 
12,700

 
12,384

 
14,196

 
16,814

Earnings
$
20,458

 
$
34,720

 
$
32,551

 
$
18,619

 
$
27,117

 
$
18,593

Ratio of earnings to fixed charges
3.65

 
3.53

 
3.06

 
1.71

 
2.18

 
1.17

Ratio of earnings to fixed charges and preferred dividends
2.97

 
2.85

 
2.56

 
1.50

 
1.91

 
1.11

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
(Dollars in millions)
Six Months Ended June 30, 2017
 
2016
 
2015
 
2014
 
2013
 
2012
Including Interest on Deposits
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
14,942

 
$
25,153

 
$
22,070

 
$
7,963

 
$
14,733

 
$
2,535

Equity in undistributed earnings (loss) of unconsolidated subsidiaries
(88
)
 
(262
)
 
(152
)
 
(222
)
 
(66
)
 
212

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
5,812

 
9,961

 
10,549

 
10,935

 
12,755

 
16,744

1/3 of net rent expense (1)
420

 
883

 
945

 
1,023

 
1,091

 
1,092

Total fixed charges
6,232

 
10,844

 
11,494

 
11,958

 
13,846

 
17,836

Preferred dividend requirements
1,274

 
2,363

 
2,067

 
1,506

 
1,746

 
968

Fixed charges and preferred dividends
7,506

 
13,207

 
13,561

 
13,464

 
15,592

 
18,804

Earnings
$
21,086

 
$
35,735

 
$
33,412

 
$
19,699

 
$
28,513

 
$
20,583

Ratio of earnings to fixed charges
3.38

 
3.30

 
2.91

 
1.65

 
2.06

 
1.15

Ratio of earnings to fixed charges and preferred dividends
2.81

 
2.71

 
2.46

 
1.46

 
1.83

 
1.09

(1) 
Represents an appropriate interest factor.