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EXHIBIT 12.2
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Mellon Financial Corporation (and its subsidiaries)
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Quarter ended Six months ended
June 30, June 30,
(dollar amounts in millions) 2000 1999 2000 1999
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Income before income taxes and impact of accounting change $390 $371 (a) $ 788 $ 734 (b)
Fixed charges: interest expense (excluding interest on deposits),
one-third of rental expense net of income from subleases, trust-
preferred securities expense and amortization of debt issuance costs 142 145 290 300
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Total earnings (as defined), excluding interest on deposits 532 516 1,078 1,034
Interest on deposits 244 207 477 428
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Total earnings (as defined) $776 $723 $1,555 $1,462
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Ratio of earnings (as defined) to fixed charges:
Excluding interest on deposits 3.75 3.56 (a) 3.72 3.45 (b)
Including interest on deposits 2.01 2.05 (a) 2.03 2.01 (b)
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(a) The ratio of earnings (as defined) to fixed charges for the quarter ended
June 30, 1999, exclude from earnings (as defined) a $59 million pre-tax net
gain from divestitures and $56 million pre-tax of nonrecurring expenses.
Had these computations included the net gain from divestitures and
nonrecurring expenses, the ratio of earnings (as defined) to fixed charges
would have been 3.57 excluding interest on deposits and 2.06 including
interest on deposits.
(b) The ratio of earnings (as defined) to fixed charges for the six months
ended June 30, 1999, exclude from earnings (as defined) a $142 million
pre-tax net gain from divestitures and $56 million pre-tax of nonrecurring
expenses. Had these computations included the net gain from divestitures
and nonrecurring expenses, the ratio of earnings (as defined) to fixed
charges would have been 3.73 excluding interest on deposits and 2.13
including interest on deposits.
