EX-12.1 6 e82150exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
                                         
Year ended December 31,                              
(in millions, except ratios)   2009     2008(b)     2007     2006     2005  
 
 
                                        
Excluding interest on deposits
                                        
 
                                        
Income from continuing operations before income taxes
   $ 16,067     $ 2,773     $ 22,805     $ 19,886     $ 11,839  
 
Fixed charges:
                                        
Interest expense
     10,372       19,693       23,328       20,823       15,534  
One-third of rents, net of income from subleases(a)
     569       507       400       357       349  
 
Total fixed charges
     10,941       20,200       23,728       21,180       15,883  
 
Less: Equity in undistributed income of affiliates/Add: Equity in undistributed loss of affiliates
     (21 )     623       (159 )     (152 )     6  
 
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest
   $ 26,987     $ 23,596     $ 46,374     $ 40,914     $ 27,728  
 
Fixed charges, as above
   $ 10,941     $ 20,200     $ 23,728     $ 21,180     $ 15,883  
 
Ratio of earnings to fixed charges
     2.47       1.17       1.95       1.93       1.75  
 
 
                                        
Including interest on deposits
                                        
 
                                        
Fixed charges as above
   $ 10,941     $ 20,200     $ 23,728     $ 21,180     $ 15,883  
Add: Interest on deposits
     4,826       14,546       21,653       17,042       9,986  
 
Total fixed charges and interest on deposits
   $ 15,767     $ 34,746     $ 45,381     $ 38,222     $ 25,869  
 
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above
   $ 26,987     $ 23,596     $ 46,374     $ 40,914     $ 27,728  
Add: Interest on deposits
     4,826       14,546       21,653       17,042       9,986  
 
Total income from continuing operations before income taxes, fixed charges and interest on deposits
   $ 31,813     $ 38,142     $ 68,027     $ 57,956     $ 37,714  
 
Ratio of earnings to fixed charges
     2.02       1.10       1.50       1.52       1.46  
 
 
(a)   The proportion deemed representative of the interest factor.
 
(b)   On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual Bank. On May 30, 2008, JPMorgan Chase merged with The Bear Stearns Companies Inc. Each of these transactions was accounted for as a purchase, and their respective results of operations are included in the Firm’s results from each respective transaction date.

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