EX-12.1 30 y17599exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12.1
 

Exhibit 12.1
JPMorgan Chase & Co.
Computation of ratio of earnings to fixed charges
         
Year ended December 31, 2005 (in millions, except ratios)        
   
 
        
Excluding interest on deposits
        
Income before income taxes
   $ 12,215  
 
      
Fixed charges:
        
Interest expense
     15,074  
One-third of rents, net of income from subleases(a)
     359  
 
      
Total fixed charges
     15,433  
 
      
Add: equity in undistributed loss of affiliates
     107  
 
      
Earnings before taxes and fixed charges, excluding capitalized interest
   $ 27,755  
 
      
Fixed charges, as above
   $ 15,433  
 
      
Ratio of earnings to fixed charges
     1.80  
 
      
 
        
Including interest on deposits
        
Fixed charges, as above
   $ 15,433  
Add: interest on deposits
     10,295  
 
      
Total fixed charges and interest on deposits
   $ 25,728  
 
      
Earnings before taxes and fixed charges, excluding capitalized interest, as above
   $ 27,755  
Add: interest on deposits
     10,295  
 
      
Total earnings before taxes, fixed charges and interest on deposits
   $ 38,050  
 
      
Ratio of earnings to fixed charges
     1.48  
 
      
   
(a)   The proportion deemed representative of the interest factor.

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