Exhibit 12 | |||||||||||||||||||
Earnings To Fixed Charges | |||||||||||||||||||
BB&T Corporation | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 3,326 | $ | 3,500 | $ | 2,917 | $ | 3,127 | $ | 3,283 | |||||||||
Plus: | |||||||||||||||||||
Fixed charges | 921 | 843 | 819 | 843 | 967 | ||||||||||||||
Distributions from equity method investees | 3 | 5 | 8 | 9 | 9 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | 2 | 3 | 2 | 1 | — | ||||||||||||||
Income (loss) from equity method investees | (11 | ) | (9 | ) | (3 | ) | — | 9 | |||||||||||
Earnings | 4,259 | 4,354 | 3,745 | 3,978 | 4,250 | ||||||||||||||
Less: | |||||||||||||||||||
Interest on deposits | 344 | 251 | 233 | 239 | 301 | ||||||||||||||
Earnings, excluding interest on deposits | $ | 3,915 | $ | 4,103 | $ | 3,512 | $ | 3,739 | $ | 3,949 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 839 | $ | 745 | $ | 735 | �� | $ | 768 | $ | 891 | ||||||||
Capitalized interest | 2 | 3 | 2 | 1 | — | ||||||||||||||
Interest portion of rent expense | 80 | 95 | 82 | 74 | 76 | ||||||||||||||
Total fixed charges | 921 | 843 | 819 | 843 | 967 | ||||||||||||||
Less: | |||||||||||||||||||
Interest on deposits | 344 | 251 | 233 | 239 | 301 | ||||||||||||||
Total fixed charges, excluding interest on deposits | 577 | 592 | 586 | 604 | 666 | ||||||||||||||
Dividends/accretion on preferred stock (1) | 240 | 239 | 203 | 210 | 222 | ||||||||||||||
Total fixed charges and preferred dividends | $ | 1,161 | $ | 1,082 | $ | 1,022 | $ | 1,053 | $ | 1,189 | |||||||||
Total fixed charges and preferred dividends, excluding interest on deposits | $ | 817 | $ | 831 | $ | 789 | $ | 814 | $ | 888 | |||||||||
Earnings to fixed charges: | |||||||||||||||||||
Including interest on deposits | 4.62x | 5.16x | 4.57x | 4.72x | 4.40x | ||||||||||||||
Excluding interest on deposits | 6.79x | 6.93x | 5.99x | 6.19x | 5.93x | ||||||||||||||
Earnings to fixed charges and preferred dividends: | |||||||||||||||||||
Including interest on deposits | 3.67x | 4.02x | 3.66x | 3.78x | 3.57x | ||||||||||||||
Excluding interest on deposits | 4.79x | 4.94x | 4.45x | 4.59x | 4.45x |
(1) | Dividends on preferred stock have been grossed up by the effective tax rate for the period. |