EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Six months ended June 30, (in millions, except ratios) | 2012 | |||
Excluding interest on deposits | ||||
Income before income tax expense | $ | 13,981 | ||
|
| |||
Fixed charges: | ||||
Interest expense | 4,529 | |||
One-third of rents, net of income from subleases(a) | 279 | |||
|
| |||
Total fixed charges | 4,808 | |||
|
| |||
Add: Equity in undistributed loss of affiliates | 44 | |||
|
| |||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 18,833 | ||
|
| |||
Fixed charges, as above | $ | 4,808 | ||
|
| |||
Ratio of earnings to fixed charges | 3.92 | |||
|
| |||
Including interest on deposits | ||||
Fixed charges, as above | $ | 4,808 | ||
Add: Interest on deposits | 1,459 | |||
|
| |||
Total fixed charges and interest on deposits | $ | 6,267 | ||
|
| |||
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 18,833 | ||
Add: Interest on deposits | 1,459 | |||
|
| |||
Total income before income tax expense, fixed charges and interest on deposits | $ | 20,292 | ||
|
| |||
Ratio of earnings to fixed charges | 3.24 | |||
|
|
(a) | The proportion deemed representative of the interest factor. |