Exhibit 12.1
EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Nine months ended September 30, (in millions, except ratios) | 2011 | |||
Excluding interest on deposits | ||||
Income before income tax expense | $ | 22,002 | ||
Fixed charges: | ||||
Interest expense | 7,643 | |||
One-third of rents, net of income from subleases(a) | 421 | |||
Total fixed charges | 8,064 | |||
Less: Equity in undistributed income of affiliates | (29 | ) | ||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 30,037 | ||
Fixed charges, as above | $ | 8,064 | ||
Ratio of earnings to fixed charges | 3.72 | |||
Including interest on deposits | ||||
Fixed charges, as above | $ | 8,064 | ||
Add: Interest on deposits | 3,038 | |||
Total fixed charges and interest on deposits | $ | 11,102 | ||
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 30,037 | ||
Add: Interest on deposits | 3,038 | |||
Total income before income tax expense, fixed charges and interest on deposits | $ | 33,075 | ||
Ratio of earnings to fixed charges | 2.98 | |||
(a) | The proportion deemed representative of the interest factor. |