JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports 2005 Fourth-quarter Net Income of $2.7 Billion

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)	2005
Excluding Interest on Deposits
Income before income taxes	$	12,215
Fixed charges:
Interest expense		15,074
One-third of rents, net of income from subleases(a)		359
Total fixed charges		15,433
Add: Equity in undistributed loss of affiliates		107
Earnings before taxes and fixed charges, excluding capitalized interest	$	27,755
Fixed charges, as above	$	15,433
Preferred stock dividends (pre-tax)		19
Fixed charges including preferred stock dividends	$	15,452
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.80
Including Interest on Deposits
Fixed charges including preferred stock dividends, as above	$	15,452
Add: Interest on deposits		10,295
Total fixed charges including preferred stock dividends and interest on deposits	$	25,747
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	27,755
Add: Interest on deposits		10,295
Total earnings before taxes, fixed charges and interest on deposits	$	38,050
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.48

(a) The proportion deemed representative of the interest factor.