Exhibit 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Nine months ended September 30, (in millions, except ratios) | 2008 | |||
Excluding Interest on Deposits | ||||
Income before income tax expense and extraordinary gain | $ | 4,115 | ||
Fixed charges: | ||||
Interest expense | 14,889 | |||
One-third of rents, net of income from subleases(a) | 349 | |||
Total fixed charges | 15,238 | |||
Add: Equity in undistributed loss of affiliates | 497 | |||
Income before income tax expense and extraordinary gain and fixed charges, excluding capitalized interest | $ | 19,850 | ||
Fixed charges, as above | $ | 15,238 | ||
Ratio of earnings to fixed charges | 1.30 | |||
Including Interest on Deposits | ||||
Fixed charges, as above | $ | 15,238 | ||
Add: Interest on deposits | 11,551 | |||
Total fixed charges and interest on deposits | $ | 26,789 | ||
Income before income tax expense and extraordinary gain and fixed charges, excluding capitalized interest, as above | $ | 19,850 | ||
Add: Interest on deposits | 11,551 | |||
Total income before income tax expense and extraordinary gain, fixed charges and interest on deposits | $ | 31,401 | ||
Ratio of earnings to fixed charges | 1.17 | |||
(a) | The proportion deemed representative of the interest factor. |