. . . THE PNC FINANCIAL SERVICES GROUP, INC. AND SUBSIDIARIES EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three months ended Year ended December 31 March 31 --------------------------------------------------------- Dollars in millions 2003 2002 2001 2000 1999 1998 - -------------------------------------------------------------- ---------- ----------- ---------- --------- --------- EARNINGS Income from continuing operations before taxes $ 395 $ 1,821 $ 564 $ 1,848 $ 1,788 $ 1,651 Fixed charges excluding interest on deposits 93 433 763 1,033 980 1,159 -------------- ---------- ----------- ---------- --------- --------- Subtotal 488 2,254 1,327 2,881 2,768 2,810 Interest on deposits 132 659 1,229 1,653 1,369 1,471 -------------- ---------- ----------- ---------- --------- --------- Total $ 620 $ 2,913 $ 2,556 $ 4,534 $ 4,137 $ 4,281 ============== ========== =========== ========== ========= ========= FIXED CHARGES Interest on borrowed funds $ 57 $ 316 $ 646 $ 915 $ 870 $ 1,065 Interest component of rentals 22 58 53 50 44 33 Amortization of notes and debentures 1 1 1 1 1 Distributions on Mandatorily Redeemable Capital Securities of Subsidiary Trusts 14 58 63 67 65 60 -------------- ---------- ----------- ---------- --------- --------- Subtotal 93 433 763 1,033 980 1,159 Interest on deposits 132 659 1,229 1,653 1,369 1,471 -------------- ---------- ----------- ---------- --------- --------- Total $ 225 $ 1,092 $ 1,992 $ 2,686 $ 2,349 $ 2,630 ============== ========== =========== ========== ========= ========= RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits 5.25 x 5.21 x 1.74 x 2.79 x 2.82 x 2.42 x Including interest on deposits 2.76 2.67 1.28 1.69 1.76 1.63 ==========================================================================================================================