EX-12.1 2 a4q12erfexhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES - 4Q12 4Q12 ERF Exhibit 12.1


EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
 
Year ended December 31, (in millions, except ratios)
2012

Excluding interest on deposits
 
Income before income tax expense
$
28,917

Fixed charges:
 
Interest expense
8,498

One-third of rents, net of income from subleases (a)
554

Total fixed charges
9,052

Add: Equity in undistributed loss of affiliates
172

Income before income tax expense and fixed charges, excluding capitalized interest
$
38,141

Fixed charges, as above
$
9,052

Ratio of earnings to fixed charges
4.21

Including interest on deposits
 
Fixed charges, as above
$
9,052

Add: Interest on deposits
2,655

Total fixed charges and interest on deposits
$
11,707

Income before income tax expense and fixed charges, excluding capitalized interest, as above
$
38,141

Add: Interest on deposits
2,655

Total income before income tax expense, fixed charges and interest on deposits
$
40,796

Ratio of earnings to fixed charges
3.48



(a)
The proportion deemed representative of the interest factor.