EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31, (in millions, except ratios) | 2006 | |||
Excluding Interest on Deposits | ||||
Income from continuing operations before income taxes | $ | 19,886 | ||
Fixed charges: | ||||
Interest expense | 20,823 | |||
One-third of rents, net of income from subleases(a) | 357 | |||
Total fixed charges | 21,180 | |||
Less: Equity in undistributed income of affiliates | (152 | ) | ||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest | $ | 40,914 | ||
Fixed charges, as above | $ | 21,180 | ||
Ratio of earnings to fixed charges | 1.93 | |||
Including Interest on Deposits | ||||
Fixed charges, as above | $ | 21,180 | ||
Add: Interest on deposits | 17,042 | |||
Total fixed charges and interest on deposits | $ | 38,222 | ||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above | $ | 40,914 | ||
Add: Interest on deposits | 17,042 | |||
Total income from continuing operations before income taxes, fixed charges and interest on deposits | $ | 57,956 | ||
Ratio of earnings to fixed charges | 1.52 | |||
(a) | The proportion deemed representative of the interest factor. |