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) | 2004 | |||
Excluding Interest on Deposits | ||||
| Income before income taxes | $ | 6,194 | ||
| Fixed charges: | ||||
| Interest expense | 8,800 | |||
One-third of rents, net of income from subleases(a) | 343 | |||
| Total fixed charges | 9,143 | |||
| Add: Equity in undistributed loss of affiliates | 44 | |||
| Earnings before taxes and fixed charges, excluding capitalized interest | $ | 15,381 | ||
| Fixed charges, as above | $ | 9,143 | ||
| Preferred stock dividends (pre-tax) | 72 | |||
| Fixed charges including preferred stock dividends | $ | 9,215 | ||
| Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.67 | |||
Including Interest on Deposits | ||||
| Fixed charges including preferred stock dividends, as above | $ | 9,215 | ||
| Add: Interest on deposits | 5,034 | |||
| Total fixed charges including preferred stock dividends and interest on deposits | $ | 14,249 | ||
| Earnings before taxes and fixed charges, excluding capitalized interest, as above | $ | 15,381 | ||
| Add: Interest on deposits | 5,034 | |||
| Total earnings before taxes, fixed charges and interest on deposits | $ | 20,415 | ||
| Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.43 | |||
| (a) | The proportion deemed representative of the interest factor. |