American Express Credit 10-K 2009 FY Annual report

EXHIBIT 12.1
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
AMERICAN EXPRESS CREDIT CORPORATION

	Years Ended December 31,
(Dollars in Millions)	2009		2008		2007		2006		2005
Earnings:
Net income	$	362	$	864	$	725	$	622	$	415
Income tax provision		8		132		60		95		50
Interest expense		629		1,618		2,046		1,614		1,141
Total earnings (a)	$	999	$	2,614	$	2,831	$	2,331	$	1,606
Fixed charges – interest expense (b)	$	629	$	1,618	$	2,046	$	1,614	$	1,141
Ratio of earnings to fixed charges (a/b)		1.59		1.62		1.38		1.44		1.41

Interest expense does not include interest on liabilities recorded under GAAP governing accounting for uncertainty in income taxes as Credco’s policy is to classify such interest in the income tax provision in the Consolidated Statements of Income.