.
.
.
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
==========================================================================================================================