EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Three months ended March 31, (in millions, except ratios) | 2012 | |||
Excluding interest on deposits | ||||
Income before income tax expense | $ | 7,641 | ||
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Fixed charges: | ||||
Interest expense | 2,313 | |||
One-third of rents, net of income from subleases(a) | 141 | |||
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Total fixed charges | 2,454 | |||
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Less: Equity in undistributed income of affiliates | (1) | |||
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Income before income tax expense and fixed charges, excluding capitalized interest | $ | 10,094 | ||
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Fixed charges, as above | $ | 2,454 | ||
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Ratio of earnings to fixed charges | 4.11 | |||
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Including interest on deposits | ||||
Fixed charges, as above | $ | 2,454 | ||
Add: Interest on deposits | 722 | |||
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Total fixed charges and interest on deposits | $ | 3,176 | ||
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Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 10,094 | ||
Add: Interest on deposits | 722 | |||
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Total income before income tax expense, fixed charges and interest on deposits | $ | 10,816 | ||
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Ratio of earnings to fixed charges | 3.41 | |||
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(a) | The proportion deemed representative of the interest factor. |