EXHIBIT 12.2
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
and Preferred Stock Dividend Requirements
Six months ended June 30, (in millions, except ratios) | 2009 | |||
Excluding interest on deposits | ||||
Income before income tax expense | $ | 7,128 | ||
Fixed charges: | ||||
Interest expense | 5,587 | |||
One-third of rents, net of income from subleases(a) | 286 | |||
Total fixed charges | 5,873 | |||
Less: Equity in undistributed income of affiliates | (2 | ) | ||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 12,999 | ||
Fixed charges, as above | $ | 5,873 | ||
Preferred stock dividends (pre-tax)(b) | 3,100 | |||
Fixed charges including preferred stock dividends | $ | 8,973 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.45 | |||
Including interest on deposits | ||||
Fixed charges including preferred stock dividends, as above | $ | 8,973 | ||
Add: Interest on deposits | 2,851 | |||
Total fixed charges including preferred stock dividends and interest on deposits | $ | 11,824 | ||
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 12,999 | ||
Add: Interest on deposits | 2,851 | |||
Total income before income tax expense, fixed charges and interest on deposits | $ | 15,850 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.34 | |||
(a) | The proportion deemed representative of the interest factor. | |
(b) | Includes a one-time $1.6 billion pre-tax payment of TARP preferred dividends. |