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) | 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 | ||
Preferred stock dividends (pre-tax) | 803 | |||
Fixed charges including preferred stock dividends | $ | 21,003 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.12 | |||
Including interest on deposits | ||||
Fixed charges including preferred stock dividends, as above | $ | 21,003 | ||
Add: Interest on deposits | 14,546 | |||
Total fixed charges including preferred stock dividends and interest on deposits | $ | 35,549 | ||
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 and preferred stock dividend requirements | 1.07 | |||
(a) | The proportion deemed representative of the interest factor. |