EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31, (in millions, except ratios) | 2012 | ||
Excluding interest on deposits | |||
Income before income tax expense | $ | 28,917 | |
Fixed charges: | |||
Interest expense | 8,498 | ||
One-third of rents, net of income from subleases (a) | 554 | ||
Total fixed charges | 9,052 | ||
Add: Equity in undistributed loss of affiliates | 172 | ||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 38,141 | |
Fixed charges, as above | $ | 9,052 | |
Ratio of earnings to fixed charges | 4.21 | ||
Including interest on deposits | |||
Fixed charges, as above | $ | 9,052 | |
Add: Interest on deposits | 2,655 | ||
Total fixed charges and interest on deposits | $ | 11,707 | |
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 38,141 | |
Add: Interest on deposits | 2,655 | ||
Total income before income tax expense, fixed charges and interest on deposits | $ | 40,796 | |
Ratio of earnings to fixed charges | 3.48 |
(a) | The proportion deemed representative of the interest factor. |