EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Six months ended June 30, (in millions, except ratios) | 2007 | |||
Excluding Interest on Deposits | ||||
Income before income taxes | $ | 13,683 | ||
Fixed charges: | ||||
Interest expense | 11,355 | |||
One-third of rents, net of income from subleases(a) | 200 | |||
Total fixed charges | 11,555 | |||
Less: Equity in undistributed income of affiliates | (72 | ) | ||
Income before income taxes and fixed charges, excluding capitalized interest | $ | 25,166 | ||
Fixed charges, as above | $ | 11,555 | ||
Ratio of earnings to fixed charges | 2.18 | |||
Including Interest on Deposits | ||||
Fixed charges, as above | $ | 11,555 | ||
Add: Interest on deposits | 10,337 | |||
Total fixed charges and interest on deposits | $ | 21,892 | ||
Income before income taxes and fixed charges, excluding capitalized interest, as above | $ | 25,166 | ||
Add: Interest on deposits | 10,337 | |||
Total income before income taxes, fixed charges and interest on deposits | $ | 35,503 | ||
Ratio of earnings to fixed charges | 1.62 | |||
(a) | The proportion deemed representative of the interest factor. |