EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Nine months ended September 30, (in millions, except ratios) | 2007 | |||
Excluding Interest on Deposits | ||||
Income before income taxes | $ | 18,683 | ||
Fixed charges: | ||||
Interest expense | 17,610 | |||
One-third of rents, net of income from subleases(a) | 303 | |||
Total fixed charges | 17,913 | |||
Less: Equity in undistributed income of affiliates | (121 | ) | ||
Income before income taxes and fixed charges, excluding capitalized interest | $ | 36,475 | ||
Fixed charges, as above | $ | 17,913 | ||
Ratio of earnings to fixed charges | 2.04 | |||
Including Interest on Deposits | ||||
Fixed charges, as above | $ | 17,913 | ||
Add: Interest on deposits | 15,975 | |||
Total fixed charges and interest on deposits | $ | 33,888 | ||
Income before income taxes and fixed charges, excluding capitalized interest, as above | $ | 36,475 | ||
Add: Interest on deposits | 15,975 | |||
Total income before income taxes, fixed charges and interest on deposits | $ | 52,450 | ||
Ratio of earnings to fixed charges | 1.55 | |||
(a) | The proportion deemed representative of the interest factor. |