THE PNC FINANCIAL SERVICES GROUP, INC. EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31 Nine months ended ------------------------------------------------------------ Dollars in millions September 30, 2001 2000 1999 1998 1997 1996 - ----------------------------------------------------------------- ----------- ----------- ---------- ---------- ----------- EARNINGS Income from continuing operations before taxes $1,226 $1,848 $1,788 $1,651 $1,595 $1,526 Fixed charges excluding interest on deposits 628 1,033 980 1,159 1,080 1,014 ---------------- ----------- ----------- ---------- ---------- ----------- Subtotal 1,854 2,881 2,768 2,810 2,675 2,540 Interest on deposits 1,011 1,653 1,369 1,471 1,457 1,428 ---------------- ----------- ----------- ---------- ---------- ----------- Total $2,865 $4,534 $4,137 $4,281 $4,132 $3,968 ================ =========== =========== ========== ========== =========== FIXED CHARGES Interest on borrowed funds $540 $915 $870 $1,065 $1,010 $985 Interest component of rentals 39 50 44 33 26 27 Amortization of notes and debentures 1 1 1 1 1 1 Distributions on Mandatorily Redeemable Capital Securities of Subsidiary Trusts 48 67 65 60 43 1 ---------------- ----------- ----------- ---------- ---------- ----------- Subtotal 628 1,033 980 1,159 1,080 1,014 Interest on deposits 1,011 1,653 1,369 1,471 1,457 1,428 ---------------- ----------- ----------- ---------- ---------- ----------- Total $1,639 $2,686 $2,349 $2,630 $2,537 $2,442 ================ =========== =========== ========== ========== =========== RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits 2.95 x 2.79 x 2.82 x 2.42 x 2.48 x 2.50 x Including interest on deposits 1.75 1.69 1.76 1.63 1.63 1.62 - --------------------------------------------------------------------------------------------------------------------------------