EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Nine months ended September 30, (in millions, except ratios) | 2009 | |||
Excluding interest on deposits | ||||
Income before income tax expense and extraordinary gain | $ | 12,191 | ||
Fixed charges: | ||||
Interest expense | 8,024 | |||
One-third of rents, net of income from subleases (a) | 428 | |||
Total fixed charges | 8,452 | |||
Less: Equity in undistributed income of affiliates | (24 | ) | ||
Income before income tax expense and extraordinary gain and fixed charges, excluding capitalized interest | $ | 20,619 | ||
Fixed charges, as above | $ | 8,452 | ||
Ratio of earnings to fixed charges | 2.44 | |||
Including interest on deposits | ||||
Fixed charges, as above | $ | 8,452 | ||
Add: Interest on deposits | 3,937 | |||
Total fixed charges and interest on deposits | $ | 12,389 | ||
Income before income tax expense and extraordinary gain and fixed charges, excluding capitalized interest, as above | $ | 20,619 | ||
Add: Interest on deposits | 3,937 | |||
Total income before income tax expense and extraordinary gain, fixed charges and interest on deposits | $ | 24,556 | ||
Ratio of earnings to fixed charges | 1.98 | |||
(a) | The proportion deemed representative of the interest factor. |