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

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.