. . . EXHIBIT 12.1 THE PNC FINANCIAL SERVICES GROUP, INC. AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges
Six months ended Year ended December 31 June 30 -------------------------------------------------------------- Dollars in millions 2003 2002 2001 2000 1999 1998 - ------------------------------------------------------------ ------ ------ ------ ------ ------ EARNINGS Income from continuing operations before taxes $ 687 $1,821 $ 564 $1,848 $1,788 $1,651 Fixed charges excluding interest on deposits 170 433 763 1,033 980 1,159 ------ ------ ------ ------ ------ ------ Subtotal 857 2,254 1,327 2,881 2,768 2,810 Interest on deposits 249 659 1,229 1,653 1,369 1,471 ------ ------ ------ ------ ------ ------ Total $1,106 $2,913 $2,556 $4,534 $4,137 $4,281 ====== ====== ====== ====== ====== ====== FIXED CHARGES Interest on borrowed funds $ 111 $ 316 $ 646 $ 915 $ 870 $1,065 Interest component of rentals 30 58 53 50 44 33 Amortization of notes and debentures 1 1 1 1 1 1 Distributions on Mandatorily Redeemable Capital Securities of Subsidiary Trusts 28 58 63 67 65 60 ------ ------ ------ ------ ------ ------ Subtotal 170 433 763 1,033 980 1,159 Interest on deposits 249 659 1,229 1,653 1,369 1,471 ------ ------ ------ ------ ------ ------ Total $ 419 $1,092 $1,992 $2,686 $2,349 $2,630 ====== ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits 5.04 x 5.21 x 1.74 x 2.79 x 2.82 x 2.42 x Including interest on deposits 2.64 2.67 1.28 1.69 1.76 1.63 - ----------------------------------------------------------------------------------------------------------------------------------