EX-12.1 2 y63117exv12w1.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)   2008  
Excluding Interest on Deposits
        
Income before income taxes
   $  6,302  
 
      
Fixed charges:
        
Interest expense
     9,908  
One-third of rents, net of income from subleases (a)
     220  
 
      
Total fixed charges
     10,128  
 
      
Add: Equity in undistributed loss of affiliates
     454  
 
      
Income before income taxes and fixed charges,
excluding capitalized interest
   $ 16,884  
 
      
Fixed charges, as above
   $ 10,128  
 
      
Ratio of earnings to fixed charges
     1.67  
 
      
 
        
Including Interest on Deposits
        
Fixed charges, as above
   $ 10,128  
Add: Interest on deposits
     8,200  
 
      
Total fixed charges and interest on deposits
   $ 18,328  
 
      
Income before income taxes and fixed charges,
excluding capitalized interest, as above
   $ 16,884  
Add: Interest on deposits
     8,200  
 
      
Total income before income taxes, fixed charges and interest on deposits
   $ 25,084  
 
      
Ratio of earnings to fixed charges
     1.37  
 
      
 
(a)      The proportion deemed representative of the interest factor.