EXHIBIT 12.2
J.P. MORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
| Year ended December 31, (in millions, except ratios) | 2003 | |||
Excluding Interest on Deposits | ||||
| Income before income taxes | $ | 10,028 | ||
| Fixed charges: | ||||
| Interest expense | 7,503 | |||
One-third of rents, net of income from subleases(a) | 318 | |||
| Total fixed charges | 7,821 | |||
| Less: Equity in undistributed income of affiliates | (102 | ) | ||
| Earnings before taxes and fixed charges, excluding capitalized interest | $ | 17,747 | ||
| Fixed charges, as above | $ | 7,821 | ||
| Preferred stock dividends (pre-tax) | 76 | |||
| Fixed charges including preferred stock dividends | $ | 7,897 | ||
| Ratio of earnings to fixed charges and preferred stock dividend requirements | 2.25 | |||
Including Interest on Deposits | ||||
| Fixed charges including preferred stock dividends, as above | $ | 7,897 | ||
| Add: Interest on deposits | 3,604 | |||
| Total fixed charges including preferred stock dividends and interest on deposits | $ | 11,501 | ||
| Earnings before taxes and fixed charges, excluding capitalized interest, as above | $ | 17,747 | ||
| Add: Interest on deposits | 3,604 | |||
| Total earnings before taxes, fixed charges and interest on deposits | $ | 21,351 | ||
| Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.86 | |||
| (a) | The proportion deemed representative of the interest factor. |
