EX-12.1 2 y46643exv12w1.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, (in millions, except ratios)   2007  
Excluding Interest on Deposits
        
Income from continuing operations before income taxes
   $ 22,805  
 
      
Fixed charges:
        
Interest expense
     23,328  
One-third of rents, net of income from subleases (a)
     400  
 
      
Total fixed charges
     23,728  
 
      
Less: Equity in undistributed income of affiliates
     (159 )
 
      
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest
   $ 46,374  
 
      
Fixed charges, as above
   $ 23,728  
 
      
Ratio of earnings to fixed charges
     1.95  
 
      
 
        
Including Interest on Deposits
        
Fixed charges, as above
   $ 23,728  
Add: Interest on deposits
     21,653  
 
      
Total fixed charges and interest on deposits
   $ 45,381  
 
      
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above
   $ 46,374  
Add: Interest on deposits
     21,653  
 
      
Total income from continuing operations before income taxes, fixed charges and interest on deposits
   $ 68,027  
 
      
Ratio of earnings to fixed charges
     1.50  
 
      
     
 
(a)
  The proportion deemed representative of the interest factor.