EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Three months ended March 31, (in millions, except ratios) | 2008 | |||
Excluding Interest on Deposits | ||||
Income before income taxes | $ | 3,535 | ||
Fixed charges: | ||||
Interest expense | 5,265 | |||
One-third of rents, net of income from subleases(a) | 106 | |||
Total fixed charges | 5,371 | |||
Less: Equity in undistributed income of affiliates | (7 | ) | ||
Income before income taxes and fixed charges, excluding capitalized interest | $ | 8,899 | ||
Fixed charges, as above | $ | 5,371 | ||
Ratio of earnings to fixed charges | 1.66 | |||
Including Interest on Deposits | ||||
Fixed charges, as above | $ | 5,371 | ||
Add: Interest on deposits | 4,608 | |||
Total fixed charges and interest on deposits | $ | 9,979 | ||
Income before income taxes and fixed charges, excluding capitalized interest, as above | $ | 8,899 | ||
Add: Interest on deposits | 4,608 | |||
Total income before income taxes, fixed charges and interest on deposits | $ | 13,507 | ||
Ratio of earnings to fixed charges | 1.35 | |||
(a) | The proportion deemed representative of the interest factor. |