Exhibit 12 | |||||||||||||||||||
BB&T Corporation | |||||||||||||||||||
Earnings To Fixed Charges (1) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 2,917 | $ | 3,127 | $ | 3,283 | $ | 2,945 | $ | 1,732 | |||||||||
Plus: | |||||||||||||||||||
Fixed charges | 819 | 843 | 967 | 1,130 | 1,442 | ||||||||||||||
Distributions from equity method investees | 8 | 9 | 9 | 6 | 7 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | 2 | 1 | ― | ― | ― | ||||||||||||||
Income from equity method investees | (3) | ― | 9 | 3 | 3 | ||||||||||||||
Earnings | 3,745 | 3,978 | 4,250 | 4,078 | 3,178 | ||||||||||||||
Less: | |||||||||||||||||||
Interest on deposits | 233 | 239 | 301 | 429 | 610 | ||||||||||||||
Earnings, excluding interest on deposits | $ | 3,512 | $ | 3,739 | $ | 3,949 | $ | 3,649 | $ | 2,568 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 735 | $ | 768 | $ | 891 | $ | 1,060 | $ | 1,378 | |||||||||
Capitalized interest | 2 | 1 | ― | ― | ― | ||||||||||||||
Interest portion of rent expense | 82 | 74 | 76 | 70 | 64 | ||||||||||||||
Total fixed charges | 819 | 843 | 967 | 1,130 | 1,442 | ||||||||||||||
Less: | |||||||||||||||||||
Interest on deposits | 233 | 239 | 301 | 429 | 610 | ||||||||||||||
Total fixed charges excluding interest on deposits | 586 | 604 | 666 | 701 | 832 | ||||||||||||||
Dividends/accretion on preferred stock (2) | 203 | 210 | 222 | 90 | ― | ||||||||||||||
Total fixed charges and preferred dividends | $ | 1,022 | $ | 1,053 | $ | 1,189 | $ | 1,220 | $ | 1,442 | |||||||||
Total fixed charges and preferred dividends, excluding interest on deposits | $ | 789 | $ | 814 | $ | 888 | $ | 791 | $ | 832 | |||||||||
Earnings to fixed charges: | |||||||||||||||||||
Including interest on deposits | 4.57x | 4.72x | 4.40x | 3.61x | 2.20x | ||||||||||||||
Excluding interest on deposits | 5.99x | 6.19x | 5.93x | 5.21x | 3.09x | ||||||||||||||
Earnings to fixed charges and preferred dividends: | |||||||||||||||||||
Including interest on deposits | 3.66x | 3.78x | 3.57x | 3.34x | 2.20x | ||||||||||||||
Excluding interest on deposits | 4.45x | 4.59x | 4.45x | 4.61x | 3.09x | ||||||||||||||
(1) | Prior periods have been revised to remove losses on equity method investees and to remove the adjustment for noncontrolling in™terests that incurred fixed charges. | ||||||||||||||||||
(2) | Dividends on preferred stock have been grossed up by the effective tax rate for the period. |