EX-12 2 ex12.txt STATEMENT RE COMPUTATION OF RATIOS 1 EXHIBIT 12 Computation of Ratio of Earnings to Fixed Charges J.P. Morgan & Co. Incorporated Consolidated
-------------------------------------------------------------------------------- Six Months Dollars in millions 2000 -------------------------------------------------------------------------------- Earnings: Net income $1 170 Add: income taxes 630 Less: equity in undistributed income of all affiliates accounted for by the equity method 61 Add: fixed charges, excluding interest on deposits 4 360 -------------------------------------------------------------------------------- Earnings available for fixed charges, excluding interest on deposits 6 099 Add: interest on deposits 1 099 -------------------------------------------------------------------------------- Earnings available for fixed charges, including interest on deposits 7 198 -------------------------------------------------------------------------------- Fixed charges: Interest expense, excluding interest on deposits 4 344 Interest factor in net rental expense 16 -------------------------------------------------------------------------------- Total fixed charges, excluding interest on deposits 4 360 Add: interest on deposits 1 099 -------------------------------------------------------------------------------- Total fixed charges, including interest on deposits 5 459 -------------------------------------------------------------------------------- Ratio of earnings to fixed charges: Excluding interest on deposits 1.40 Including interest on deposits 1.32 --------------------------------------------------------------------------------
2 EXHIBIT 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends J.P. Morgan & Co. Incorporated Consolidated
-------------------------------------------------------------------------------- Dollars in millions Six Months 2000 -------------------------------------------------------------------------------- Earnings: Net income $ 1 170 Add: income taxes 630 Less: equity in undistributed income of all affiliates accounted for by the equity method 61 Add: fixed charges, excluding interest on deposits, and preferred stock dividends 4 389 -------------------------------------------------------------------------------- Earnings available for fixed charges, excluding interest on deposits 6 128 Add: interest on deposits 1 099 -------------------------------------------------------------------------------- Earnings available for fixed charges, including interest on deposits 7 227 -------------------------------------------------------------------------------- Fixed charges: Interest expense, excluding interest on deposits 4 344 Interest factor in net rental expense 16 Preferred stock dividends 29 -------------------------------------------------------------------------------- Total fixed charges, excluding interest on deposits 4 389 Add: interest on deposits 1 099 -------------------------------------------------------------------------------- Total fixed charges, including interest on deposits 5 488 -------------------------------------------------------------------------------- Ratio of earnings to fixed charges: Excluding interest on deposits 1.40 Including interest on deposits 1.32 --------------------------------------------------------------------------------