Exhibit 12.1

E*TRADE Financial, Inc.

Computation of Ratio of Earnings to Fixed Charges adjusted for Disc Ops

	YEAR Ended 12/31/12			YEAR Ended 12/31/11		YEAR Ended 12/31/10			YEAR Ended 12/31/09			YEAR Ended 12/31/08
Fixed charges:
Interest expense	$	453,370		$	488,641	$	486,567		$	852,766		$	1,557,654
Amortization of debt issue expense		12,540			1,568		993			1,878			6,440
Estimated interest portion within rental expense		7,575			6,558		7,574			8,316			8,968
Preference securities dividend requirements of consol. subs		—			—		—			—			—
Total fixed charges	$	473,485		$	496,767	$	495,134		$	862,960		$	1,573,062
Earnings:
Income (loss) before income taxes, extraordinary item and cumulative effect less equity in income (loss) of investments	$	(132,256	)	$	187,089	$	(2,402	)	$	(1,826,815	)	$	(1,297,381	)
Fixed charges		473,485			496,767		495,134			862,960			1,573,062
Less:
Preference securities dividend requirement of consol subs		—			—		—			—			—
Earnings	$	341,229		$	683,856	$	492,732		$	(963,855	)	$	275,681
Ratio of earnings to fixed charges	$	0.72		$	1.38	$	1.00		$	(1.12	)	$	0.18
Excess (deficiency) of earnings to fixed charges	$	(132,256	)	$	187,089	$	(2,402	)	$	(1,826,815	)	$	(1,297,381	)