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(dollars in thousands) (unaudited)
  
   
For the Nine Months Ended
September 30,
  
   
2004
  
2003
  
Including Interest on Deposits
              
Earnings:
              
Income before income taxes
  
$
2,922,886
  
$
2,558,082
  
Fixed charges
    
1,143,591
    
1,151,485
  
Interest capitalized during period, net of amortization of previously capitalized interest
    
(10,395
)
  
(10,563
)
Earnings, for computation purposes
  
$
4,056,082
  
$
3,699,004
  
               
Fixed Charges and Preferred Stock Dividend Requirements:
              
Interest on deposits, short-term borrowings, and long-term debt and bank notes, expensed or capitalized
  
$
1,140,429
  
$
1,150,071
  
Portion of rents representative of the interest factor
    
3,162
    
1,414
  
Fixed charges
    
1,143,591
    
1,151,485
  
Preferred stock dividend requirements
    
16,153
    
16,507
  
Fixed charges and preferred stock dividend requirements, including interest on deposits, for computation purposes
  
$
1,159,744
  
$
1,167,992
  
               
Ratio of earnings to combined fixed charges and preferred stock dividend requirements, including interest on deposits
    
3.50
    
3.17
  
               
Excluding Interest on Deposits
              
Earnings:
              
Income before income taxes
  
$
2,922,886
  
$
2,558,082
  
Fixed charges
    
411,074
    
300,142
  
Interest capitalized during period, net of amortization of previously capitalized interest
    
(10,411
)
  
(10,579
)
Earnings, for computation purposes
  
$
3,323,549
  
$
2,847,645
  
               
Fixed Charges and Preferred Stock Dividend Requirements:
              
Interest on short-term borrowings and long-term debt and bank notes, expensed or capitalized
  
$
407,912
  
$
298,728
  
Portion of rents representative of the interest factor
    
3,162
    
1,414
  
Fixed charges
    
411,074
    
300,142
  
Preferred stock dividend requirements
    
16,153
    
16,507
  
Fixed charges and preferred stock dividend requirements, excluding interest on deposits, for computation purposes
  
$
427,227
  
$
316,649
  
Ratio of earnings to combined fixed charges and preferred stock dividend requirements, excluding interest on deposits
    
7.78
    
8.99
  
               

The ratio of earnings to combined fixed charges and preferred stock dividend requirements is computed by dividing (i) income before income taxes and fixed charges less interest capitalized during such period, net of amortization of previously capitalized interest, by (ii) fixed charges and preferred stock dividend requirements. Fixed charges consist of interest, expensed or capitalized, on borrowings (including or excluding deposits, as applicable), and the portion of rental expense which is deemed representative of interest. The preferred stock dividend requirements represent the pre-tax earnings which would have been required to cover such dividend requirements on the Corporation's Preferred Stock outstanding.