Exhibit 12.2
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
And Preferred Stock Dividend Requirements
Year ended December 31, | ||||||||||||||||
(in millions, except ratios) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||
Excluding interest on deposits | ||||||||||||||||
Income from continuing operations before income taxes | $ | 25,914 | $ | 28,917 | $ | 26,749 | $ | 24,859 | $ | 16,067 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | 7,610 | 8,498 | 9,749 | 9,357 | 10,372 | |||||||||||
One-third of rents, net of income from subleases(a) | 616 | 554 | 562 | 578 | 569 | |||||||||||
Total fixed charges | 8,226 | 9,052 | 10,311 | 9,935 | 10,941 | |||||||||||
Add: Equity in undistributed loss of affiliates/Less: Equity in undistributed income of affiliates | 770 | 172 | 59 | 127 | (21 | ) | ||||||||||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest | $ | 34,910 | $ | 38,141 | $ | 37,119 | $ | 34,921 | $ | 26,987 | ||||||
Fixed charges, as above | $ | 8,226 | $ | 9,052 | $ | 10,311 | $ | 9,935 | $ | 10,941 | ||||||
Preferred stock dividends (pretax) | 1,092 | 906 | 899 | 947 | 3,435 | (b) | ||||||||||
Fixed charges including preferred stock dividends | $ | 9,318 | $ | 9,958 | $ | 11,210 | $ | 10,882 | $ | 14,376 | ||||||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 3.75 | 3.83 | 3.31 | 3.21 | 1.88 | |||||||||||
Including interest on deposits | ||||||||||||||||
Fixed charges including preferred stock dividends, as above | $ | 9,318 | $ | 9,958 | $ | 11,210 | $ | 10,882 | $ | 14,376 | ||||||
Add: Interest on deposits | 2,067 | 2,655 | 3,855 | 3,424 | 4,826 | |||||||||||
Total fixed charges including preferred stock dividends and interest on deposits | $ | 11,385 | $ | 12,613 | $ | 15,065 | $ | 14,306 | $ | 19,202 | ||||||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above | $ | 34,910 | $ | 38,141 | $ | 37,119 | $ | 34,921 | $ | 26,987 | ||||||
Add: Interest on deposits | 2,067 | 2,655 | 3,855 | 3,424 | 4,826 | |||||||||||
Total income from continuing operations before income taxes, fixed charges and interest on deposits | $ | 36,977 | $ | 40,796 | $ | 40,974 | $ | 38,345 | $ | 31,813 | ||||||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 3.25 | 3.23 | 2.72 | 2.68 | 1.66 |
(a) | The proportion deemed representative of the interest factor. |
(b) | Includes a one-time $1.6 billion pretax payment of TARP preferred dividends. |
364 |