Exhibit 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Three months ended March 31, (in millions, except ratios) | 2012 | ||
(Restated) | |||
Excluding interest on deposits | |||
Income before income tax expense | $ | 6,981 | |
Fixed charges: | |||
Interest expense | 2,313 | ||
One-third of rents, net of income from subleases(a) | 141 | ||
Total fixed charges | 2,454 | ||
Less: Equity in undistributed income of affiliates | (1 | ) | |
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 9,434 | |
Fixed charges, as above | $ | 2,454 | |
Ratio of earnings to fixed charges | 3.84 | ||
Including interest on deposits | |||
Fixed charges as above | $ | 2,454 | |
Add: Interest on deposits | 722 | ||
Total fixed charges and interest on deposits | $ | 3,176 | |
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 9,434 | |
Add: Interest on deposits | 722 | ||
Total income before income tax expense, fixed charges and interest on deposits | $ | 10,156 | |
Ratio of earnings to fixed charges | 3.20 |
(a) | The proportion deemed representative of the interest factor. |
178 A