EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31, (in millions, except ratios) | 2010 | |||
Excluding interest on deposits | ||||
Income before income tax expense | $ | 24,859 | ||
Fixed charges: | ||||
Interest expense | 9,357 | |||
One-third of rents, net of income from subleases(a) | 578 | |||
Total fixed charges | 9,935 | |||
Add: Equity in undistributed loss of affiliates | 127 | |||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 34,921 | ||
Fixed charges, as above | $ | 9,935 | ||
Ratio of earnings to fixed charges | 3.51 | |||
Including interest on deposits | ||||
Fixed charges, as above | $ | 9,935 | ||
Add: Interest on deposits | 3,424 | |||
Total fixed charges and interest on deposits | $ | 13,359 | ||
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 34,921 | ||
Add: Interest on deposits | 3,424 | |||
Total income before income tax expense, fixed charges and interest on deposits | $ | 38,345 | ||
Ratio of earnings to fixed charges | 2.87 | |||
(a) | The proportion deemed representative of the interest factor. |