American Express Credit 10-Q 2009 Q2 Quarterly report

EXHIBIT 12.1
AMERICAN EXPRESS CREDIT CORPORATION
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

	Six Months Ended June 30,		Years Ended December 31,
	2009		2008		2007		2006		2005
Earnings:
Net income	$	212	$	745	$	720	$	622	$	415
Income tax provision		19		68		57		95		50
Interest expense		350		1,618		2,046		1,614		1,141
Total earnings (a)	$	581	$	2,431	$	2,823	$	2,331	$	1,606
Fixed charges - Interest expense (b)	$	350	$	1,618	$	2,046	$	1,614	$	1,141
Ratio of earnings to fixed charges (a/b)		1.66		1.50		1.38		1.44		1.41

Interest expense does not include interest on liabilities recorded under Financial Accounting Standards Board (FASB) Financial Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (FIN 48). Credco’s policy is to classify such interest in income tax provision in the Consolidated Statements of Income.