EX-12.1 2 y33468exv12w1.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
         
Three months ended March 31, (in millions, except ratios)   2007  
 
        
Excluding Interest on Deposits
        
Income from continuing operations before income taxes
   $ 7,332  
 
      
Fixed charges:
        
Interest expense
     5,523  
One-third of rents, net of income from subleases (a)
     99  
 
      
Total fixed charges
     5,622  
 
      
Less: Equity in undistributed income of affiliates
     (33 )
 
      
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest
   $ 12,921  
 
      
Fixed charges, as above
   $ 5,622  
 
      
Ratio of earnings to fixed charges
     2.30  
 
      
Including Interest on Deposits
        
Fixed charges, as above
   $ 5,622  
Add: Interest on deposits
     4,995  
 
      
Total fixed charges and interest on deposits
   $ 10,617  
 
      
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above
   $ 12,921  
Add: Interest on deposits
     4,995  
 
      
Total income from continuing operations before income taxes, fixed charges and interest on deposits
   $ 17,916  
 
      
Ratio of earnings to fixed charges
     1.69  
 
      
     
 
(a)   The proportion deemed representative of the interest factor.