THE PNC FINANCIAL SERVICES GROUP, INC. AND SUBSIDIARIES EXHIBIT 12.2 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 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 and preferred stock dividends excluding interest on deposits 121 783 1,063 1,010 1,188 1,110 ------ ------ ------ ------ ------ ------ Subtotal 602 1,347 2,911 2,798 2,839 2,705 Interest on deposits 176 1,229 1,653 1,369 1,471 1,457 ------ ------ ------ ------ ------ ------ Total $ 778 $2,576 $4,564 $4,167 $4,310 $4,162 ====== ====== ====== ====== ====== ====== 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 Preferred stock dividend requirements 20 30 30 29 30 ------ ------ ------ ------ ------ ------ Subtotal 121 783 1,063 1,010 1,188 1,110 Interest on deposits 176 1,229 1,653 1,369 1,471 1,457 ------ ------ ------ ------ ------ ------ Total $ 297 $2,012 $2,716 $2,379 $2,659 $2,567 ====== ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Excluding interest on deposits 4.98 x 1.72 x 2.74 x 2.77 x 2.39 x 2.44 x Including interest on deposits 2.62 1.28 1.68 1.75 1.62 1.62 ===================================================================================================================================