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) | 2009 | |||
Excluding interest on deposits | ||||
Income before income tax expense and extraordinary gain | $ | 16,067 | ||
Fixed charges: | ||||
Interest expense | 10,372 | |||
One-third of rents, net of income from subleases(a) | 569 | |||
Total fixed charges | 10,941 | |||
Less: Equity in undistributed income of affiliates | (21 | ) | ||
Income before income tax expense, extraordinary gain, and fixed charges, excluding capitalized interest | $ | 26,987 | ||
Fixed charges, as above | $ | 10,941 | ||
Preferred stock dividends (pre-tax)(b) | 3,435 | |||
Fixed charges including preferred stock dividends | $ | 14,376 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.88 | |||
Including interest on deposits | ||||
Fixed charges including preferred stock dividends, as above | $ | 14,376 | ||
Add: Interest on deposits | 4,826 | |||
Total fixed charges including preferred stock dividends and interest on deposits | $ | 19,202 | ||
Income before income tax expense, extraordinary gain, and fixed charges, excluding capitalized interest, as above | $ | 26,987 | ||
Add: Interest on deposits | 4,826 | |||
Total income before income tax expense, extraordinary gain, fixed charges, and interest on deposits | $ | 31,813 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements | 1.66 | |||
(a) | The proportion deemed representative of the interest factor. | |
(b) | Includes a one-time $1.6 billion pre-tax payment of TARP preferred dividends. |