EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Six months ended June 30, (in millions, except ratios) | 2014 | ||
Excluding interest on deposits | |||
Income before income tax expense | $ | 15,838 | |
Fixed charges: | |||
Interest expense | 3,346 | ||
One-third of rents, net of income from subleases (a) | 327 | ||
Total fixed charges | 3,673 | ||
Add: Equity in undistributed loss of affiliates | 510 | ||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 20,021 | |
Fixed charges, as above | $ | 3,673 | |
Ratio of earnings to fixed charges | 5.45 | ||
Including interest on deposits | |||
Fixed charges, as above | $ | 3,673 | |
Add: Interest on deposits | 843 | ||
Total fixed charges and interest on deposits | $ | 4,516 | |
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 20,021 | |
Add: Interest on deposits | 843 | ||
Total income before income tax expense, fixed charges and interest on deposits | $ | 20,864 | |
Ratio of earnings to fixed charges | 4.62 |
(a) | The proportion deemed representative of the interest factor. |