EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Three months ended March 31, (in millions, except ratios) | 2014 | ||
Excluding interest on deposits | |||
Income before income tax expense | $ | 7,507 | |
Fixed charges: | |||
Interest expense | 1,700 | ||
One-third of rents, net of income from subleases (a) | 163 | ||
Total fixed charges | 1,863 | ||
Add: Equity in undistributed loss of affiliates | 260 | ||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 9,630 | |
Fixed charges, as above | $ | 1,863 | |
Ratio of earnings to fixed charges | 5.17 | ||
Including interest on deposits | |||
Fixed charges, as above | $ | 1,863 | |
Add: Interest on deposits | 426 | ||
Total fixed charges and interest on deposits | $ | 2,289 | |
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 9,630 | |
Add: Interest on deposits | 426 | ||
Total income before income tax expense, fixed charges and interest on deposits | $ | 10,056 | |
Ratio of earnings to fixed charges | 4.39 |
(a) | The proportion deemed representative of the interest factor. |