JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports Fourth-quarter 2009 Net Income of $3.3 Billion, or $0.74 Per Share, on REVENUE1 of $25.2 Billion

EXHIBIT 12.2

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
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.