EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Six months ended June 30, (in millions, except ratios) | 2008 | |||
Excluding Interest on Deposits | ||||
Income before income taxes | $ | 6,302 | ||
Fixed charges: | ||||
Interest expense | 9,908 | |||
One-third of rents, net of income from subleases(a) | 220 | |||
Total fixed charges | 10,128 | |||
Add: Equity in undistributed loss of affiliates | 454 | |||
Income before income taxes and fixed charges, excluding capitalized interest | $ | 16,884 | ||
Fixed charges, as above | $ | 10,128 | ||
Ratio of earnings to fixed charges | 1.67 | |||
Including Interest on Deposits | ||||
Fixed charges, as above | $ | 10,128 | ||
Add: Interest on deposits | 8,200 | |||
Total fixed charges and interest on deposits | $ | 18,328 | ||
Income before income taxes and fixed charges, excluding capitalized interest, as above | $ | 16,884 | ||
Add: Interest on deposits | 8,200 | |||
Total income before income taxes, fixed charges and interest on deposits | $ | 25,084 | ||
Ratio of earnings to fixed charges | 1.37 | |||
(a) The proportion deemed representative of the interest factor.