EXHIBIT 12.2
J.P. MORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in millions, except ratios)
| | | | | | |
| | | | Full Year |
| | | | 2002 |
Excluding Interest on Deposits | | | | |
| Income before income taxes | | $ | 2,519 | |
| | | |
| |
| Fixed charges: | | | | |
| | Interest expense | | | 8,505 | |
| | One-third of rents, net of income from subleases(a) | | | 293 | |
| | | |
| |
| Total fixed charges | | | 8,798 | |
| | | |
| |
| Less: Equity in undistributed income of affiliates | | | (85 | ) |
| | | |
| |
| Earnings before taxes and fixed charges, excluding capitalized interest | | $ | 11,232 | |
| | | |
| |
| Fixed charges, as above | | $ | 8,798 | |
| Preferred stock dividends (pre-tax) | | | 77 | |
| | | |
| |
| Fixed charges including preferred stock dividends | | $ | 8,875 | |
| | | |
| |
| Ratio of earnings to fixed charges and preferred stock dividend requirements | | | 1.27 | |
| | | |
| |
Including Interest on Deposits | | | | |
| Fixed charges including preferred stock dividends, as above | | $ | 8,875 | |
| Add: Interest on deposits | | | 5,253 | |
| | | |
| |
| Total fixed charges including preferred stock dividends and interest on deposits | | $ | 14,128 | |
| | | |
| |
| Earnings before taxes and fixed charges, excluding capitalized interest, as above | | $ | 11,232 | |
| Add: Interest on deposits | | | 5,253 | |
| | | |
| |
| Total earnings before taxes, fixed charges and interest on deposits | | $ | 16,485 | |
| | | |
| |
| Ratio of earnings to fixed charges and preferred stock dividend requirements | | | 1.17 | |
| | | |
| |
| (a) | | The proportion deemed representative of the interest factor. |
