EX-12.1 2 y54615exv12w1.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)   2008  
Excluding Interest on Deposits
        
Income before income taxes
   $ 3,535  
 
      
Fixed charges:
        
Interest expense
     5,265  
One-third of rents, net of income from subleases (a)
     106  
 
      
Total fixed charges
     5,371  
 
      
Less: Equity in undistributed income of affiliates
     (7 )
 
      
Income before income taxes and fixed charges, excluding capitalized interest
   $ 8,899  
 
      
Fixed charges, as above
   $ 5,371  
 
      
Ratio of earnings to fixed charges
     1.66  
 
      
 
        
Including Interest on Deposits
        
Fixed charges, as above
   $ 5,371  
Add: Interest on deposits
     4,608  
 
      
Total fixed charges and interest on deposits
   $ 9,979  
 
      
Income before income taxes and fixed charges, excluding capitalized interest, as above
   $ 8,899  
Add: Interest on deposits
     4,608  
 
      
Total income before income taxes, fixed charges and interest on deposits
   $ 13,507  
 
      
Ratio of earnings to fixed charges
     1.35  
 
      
 
 
(a)   The proportion deemed representative of the interest factor.