EX-12.1 2 y37191exv12w1.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
         
Six months ended June 30, (in millions, except ratios)   2007  
 
        
Excluding Interest on Deposits
        
Income before income taxes
   $ 13,683  
 
      
Fixed charges:
        
Interest expense
     11,355  
One-third of rents, net of income from subleases (a)
     200  
 
      
Total fixed charges
     11,555  
 
      
Less: Equity in undistributed income of affiliates
     (72 )
 
      
Income before income taxes and fixed charges, excluding capitalized interest
   $ 25,166  
 
      
Fixed charges, as above
   $ 11,555  
 
      
Ratio of earnings to fixed charges
     2.18  
 
      
 
        
Including Interest on Deposits
        
Fixed charges, as above
   $ 11,555  
Add: Interest on deposits
     10,337  
 
      
Total fixed charges and interest on deposits
   $ 21,892  
 
      
Income before income taxes and fixed charges, excluding capitalized interest, as above
   $ 25,166  
Add: Interest on deposits
     10,337  
 
      
Total income before income taxes, fixed charges and interest on deposits
   $ 35,503  
 
      
Ratio of earnings to fixed charges
     1.62  
 
      
 
(a)   The proportion deemed representative of the interest factor.