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EXHIBIT 12.2
THE CHARLES SCHWAB CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in thousands, unaudited)
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Three months Ended
March 31,
2000 1999
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<S> <C> <C>
Earnings before taxes on income $511,555 $266,415
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Fixed charges
Interest expense - customer 272,479 181,759
Interest expense - other 31,908 21,359
Interest portion of rental expense 16,198 11,664
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Total fixed charges (A) 320,585 214,782
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Earnings before taxes on income and fixed charges (B) $832,140 $481,197
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Ratio of earnings to fixed charges (B) divided by (A)* 2.6 2.2
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All periods have been restated to reflect the merger of The Charles Schwab Corporation with U.S. Trust Corporation.
* The ratio of earnings to fixed charges is calculated in accordance with SEC requirements. For such purposes, "earnings"
consist of earnings before taxes on income and fixed charges. "Fixed charges" consist of interest expense incurred
on brokerage customer cash balances, deposits from banking customers, long-term debt, stock-lending and short-term
borrowings, as well as one-third of rental expense, which is estimated to be representative of the interest factor.
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