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 2002 2001 2000 1999 1998 1997 - ---------------------------------------------------------------- ------------- ------------- ----------- --------- ------- EARNINGS Income from continuing operations before taxes $ 481 $ 564 $1,848 $1,788 $1,651 $1,595 Fixed charges excluding interest on deposits 121 763 1,033 980 1,159 1,080 ------ ------ ------ ------ ------ ------ Subtotal 602 1,327 2,881 2,768 2,810 2,675 Interest on deposits 176 1,229 1,653 1,369 1,471 1,457 ------ ------ ------ ------ ------ ------ Total $ 778 $2,556 $4,534 $4,137 $4,281 $4,132 ====== ====== ====== ====== ====== ====== FIXED CHARGES Interest on borrowed funds $ 92 $ 646 $ 915 $ 870 $1,065 $1,010 Interest component of rentals 14 53 50 44 33 26 Amortization of notes and debentures 1 1 1 1 1 Distributions on Mandatorily Redeemable Capital Securities of Subsidiary Trusts 15 63 67 65 60 43 ------ ------ ------ ------ ------ ------ Subtotal 121 763 1,033 980 1,159 1,080 Interest on deposits 176 1,229 1,653 1,369 1,471 1,457 ------ ------ ------ ------ ------ ------ Total $ 297 $1,992 $2,686 $2,349 $2,630 $2,537 ====== ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES Excluding interest on deposits 4.98 x 1.74 x 2.79 x 2.82 x 2.42 x 2.48 x Including interest on deposits 2.62 1.28 1.69 1.76 1.63 1.63 ====================================================================================================================================