JPMorgan Chase & Co. (JPM) 10-K2009 FY Annual report

Filed: 24 Feb 10, 12:00am

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Exhibit 12.1
JPMorgan Chase & Co.

Computation of Ratio of Earnings to Fixed Charges


Year ended December 31,
(in millions, except ratios)	2009			2008^(b)		2007			2006			2005


Excluding interest on deposits

Income from continuing operations before income taxes	$	16,067		$	2,773	$	22,805		$	19,886		$	11,839

Fixed charges:
Interest expense		10,372			19,693		23,328			20,823			15,534
One-third of rents, net of income fromsubleases^(a)		569			507		400			357			349

Total fixed charges		10,941			20,200		23,728			21,180			15,883

Less: Equity in undistributed income of affiliates/Add: Equity in undistributed loss of affiliates		(21	)		623		(159	)		(152	)		6

Income from continuing operations before income taxes and fixed charges, excluding capitalized interest	$	26,987		$	23,596	$	46,374		$	40,914		$	27,728

Fixed charges, as above	$	10,941		$	20,200	$	23,728		$	21,180		$	15,883

Ratio of earnings to fixed charges		2.47			1.17		1.95			1.93			1.75


Including interest on deposits

Fixed charges as above	$	10,941		$	20,200	$	23,728		$	21,180		$	15,883
Add: Interest on deposits		4,826			14,546		21,653			17,042			9,986

Total fixed charges and interest on deposits	$	15,767		$	34,746	$	45,381		$	38,222		$	25,869

Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above	$	26,987		$	23,596	$	46,374		$	40,914		$	27,728
Add: Interest on deposits		4,826			14,546		21,653			17,042			9,986

Total income from continuing operations before income taxes, fixed charges and interest on deposits	$	31,813		$	38,142	$	68,027		$	57,956		$	37,714

Ratio of earnings to fixed charges		2.02			1.10		1.50			1.52			1.46


(a)		The proportion deemed representative of the interest factor.

(b)		On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual Bank. On May 30, 2008, JPMorgan Chase merged with The Bear Stearns Companies Inc. Each of these transactions was accounted for as a purchase, and their respective results of operations are included in the Firm’s results from each respective transaction date.

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