EXHIBIT 12.2
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
Three Months Ended March 31, (in millions, except ratios) | 2005 | |||
Excluding Interest on Deposits | ||||
Income before income taxes | $ | 3,283 | ||
Fixed charges: | ||||
Interest expense | 3,422 | |||
One-third of rents, net of income from subleases(a) | 89 | |||
Total fixed charges | 3,511 | |||
Add: Equity in undistributed loss of affiliates | 34 | |||
Earnings before taxes and fixed charges, excluding capitalized interest | $ | 6,828 | ||
Fixed charges, as above | $ | 3,511 | ||
Preferred stock dividends (pre-tax) | 7 | |||
Fixed charges including preferred stock dividends | $ | 3,518 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.94 | |||
Including Interest on Deposits | ||||
Fixed charges including preferred stock dividends, as above | $ | 3,518 | ||
Add: Interest on deposits | 1,985 | |||
Total fixed charges including preferred stock dividends and interest on deposits | $ | 5,503 | ||
Earnings before taxes and fixed charges, excluding capitalized interest, as above | $ | 6,828 | ||
Add: Interest on deposits | 1,985 | |||
Total earnings before taxes, fixed charges and interest on deposits | $ | 8,813 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.60 | |||
(a) | The proportion deemed representative of the interest factor. |