EXHIBIT 12.1
AMERICAN EXPRESS CREDIT CORPORATION
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
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| Six Months Ended June 30, 2014 |
| Years Ended December 31, | |||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Earnings: | ||||||||||||||||||||||
Net income | $ | 177 | $ | 446 | $ | 339 | $ | 397 | $ | 348 | $ 362 | |||||||||||
Income tax (benefit) provision | (14 | ) | (96 | ) | (51 | ) | (48 | ) | (24 | ) | 8 | |||||||||||
Interest expense including interest expense to affiliates | 262 | 597 | 749 | 707 | 598 | 629 | ||||||||||||||||
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Total earnings | $ | 425 | $ | 947 | $ | 1,037 | $ | 1,056 | $ | 922 | $ 999 | |||||||||||
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Fixed charges — Interest expense including interest expense to affiliates | $ | 262 | $ | 597 | $ | 749 | $ | 707 | $ | 598 | $ 629 | |||||||||||
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Ratio of earnings to fixed charges | 1.62 | 1.59 | 1.38 | 1.49 | 1.54 | 1.59 | ||||||||||||||||
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Interest expense does not include interest on liabilities recorded in accordance with GAAP governing unrecognized tax benefits. Credco’s policy is to classify such interest in income tax provision in the Consolidated Statements of Income and Retained Earnings.
