Exhibit 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31, (in millions, except ratios) | 2008 | |||
Excluding interest on deposits | ||||
Income before income tax expense and extraordinary gain | $ | 2,773 | ||
Fixed charges: | ||||
Interest expense | 19,693 | |||
One-third of rents, net of income from subleases(a) | 507 | |||
Total fixed charges | 20,200 | |||
Add: Equity in undistributed loss of affiliates | 623 | |||
Income before income tax expense and extraordinary gain and fixed charges, excluding capitalized interest | $ | 23,596 | ||
Fixed charges, as above | $ | 20,200 | ||
Ratio of earnings to fixed charges | 1.17 | |||
Including interest on deposits | ||||
Fixed charges, as above | $ | 20,200 | ||
Add: Interest on deposits | 14,546 | |||
Total fixed charges and interest on deposits | $ | 34,746 | ||
Income before income tax expense and extraordinary gain and fixed charges, excluding capitalized interest, as above | $ | 23,596 | ||
Add: Interest on deposits | 14,546 | |||
Total income before income tax expense and extraordinary gain, fixed charges and interest on deposits | $ | 38,142 | ||
Ratio of earnings to fixed charges | 1.10 | |||
(a) | The proportion deemed representative of the interest factor. |