EXHIBIT 12.2
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
and Preferred Stock Dividend Requirements
Year ended December 31, (in millions, except ratios) | 2007 | |||
Excluding Interest on Deposits | ||||
Income from continuing operations before income taxes | $ | 22,805 | ||
Fixed charges: | ||||
Interest expense | 23,328 | |||
One-third of rents, net of income from subleases(a) | 400 | |||
Total fixed charges | 23,728 | |||
Less: Equity in undistributed income of affiliates | (159 | ) | ||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest | $ | 46,374 | ||
Fixed charges, as above | $ | 23,728 | ||
Preferred stock dividends (pre-tax) | - | |||
Fixed charges including preferred stock dividends | $ | 23,728 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.95 | |||
Including Interest on Deposits | ||||
Fixed charges including preferred stock dividends, as above | $ | 23,728 | ||
Add: Interest on deposits | 21,653 | |||
Total fixed charges including preferred stock dividends and interest on deposits | $ | 45,381 | ||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above | $ | 46,374 | ||
Add: Interest on deposits | 21,653 | |||
Total income from continuing operations before income taxes, fixed charges and interest on deposits | $ | 68,027 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.50 | |||
(a) | The proportion deemed representative of the interest factor. |