Exhibit 12.1

DISCOVER FINANCIAL SERVICES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in millions)

	For the Six Months Ended June 30,				For the Calendar Years Ended December 31,				For the Fiscal Years Ended November 30,
	2015		2014		2014		2013		2012		2011		2010
Earnings:
Income before income tax expense	$	1,850	$	2,037	$	3,694	$	3,944	$	3,753	$	3,511	$	1,269
Losses from unconsolidated investees	24		12		29		18		12		5		4
Total earnings	$	1,874	$	2,049	$	3,723	$	3,962	$	3,765	$	3,516	$	1,273
Fixed charges:(1)
Total interest expense	$	611	$	544	$	1,134	$	1,146	$	1,331	$	1,485	$	1,583
Interest factor in rents	4		3		5		5		6		5		5
Total fixed charges	$	615	$	547	$	1,139	$	1,151	$	1,337	$	1,490	$	1,588
Combined fixed charges and preferred stock dividends:(1)
Total interest expense	$	611	$	544	$	1,134	$	1,146	$	1,331	$	1,485	$	1,583
Interest factor in rents	4		3		5		5		6		5		5
Preferred stock dividends	29		30		60		60		—		—		39
Total combined fixed charges and preferred stock dividends	$	644	$	577	$	1,199	$	1,211	$	1,337	$	1,490	$	1,627
Earnings before income tax expense and fixed charges	$	2,489	$	2,596	$	4,862	$	5,113	$	5,102	$	5,006	$	2,861
Earnings before income tax expense and combined fixed charges and preferred stock dividends	$	2,518	$	2,626	$	4,922	$	5,173	$	5,102	$	5,006	$	2,900
Ratio of earnings to fixed charges	4.0		4.7		4.3		4.4		3.8		3.4		1.8
Ratio of earnings to combined fixed charges and preferred stock dividends	3.9		4.6		4.1		4.3		3.8		3.4		1.8

(1) Fixed charges are the sum of interest expense, amortized premiums, discounts and capitalized expenses related to indebtedness and an estimate of interest within rental expense. Combined fixed charges and preferred stock requirements are the sum of interest expense, amortized premiums, discounts and capitalized expenses related to indebtedness, an estimate of interest within rental expense and preference security dividend requirements.