JPMorgan Chase & Co. (JPM) 8-K Results of Operations and Financial Condition

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)	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
Preferred stock dividends (pre-tax)		6
Fixed charges including preferred stock dividends	$	21,186
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.93
Including Interest on Deposits
Fixed charges including preferred stock dividends, as above	$	21,186
Add: Interest on deposits		17,042
Total fixed charges including preferred stock dividends and interest on deposits	$	38,228
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 and preferred stock dividend requirements		1.52

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