EXHIBIT 12.1
AMERICAN EXPRESS CREDIT CORPORATION
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months Ended March 31, 2015 | Years Ended December 31, | |||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Earnings: | ||||||||||||||||||||||
Net income | $ | 68 | $ | 353 | $ | 446 | $ | 339 | $ | 397 | $ 348 | |||||||||||
Income tax provision (benefit) | 2 | (35 | ) | (96 | ) | (51 | ) | (48 | ) | (24) | ||||||||||||
Interest expense including interest expense to affiliates | 102 | 502 | 597 | 749 | 707 | 598 | ||||||||||||||||
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Total earnings | $ | 172 | $ | 820 | $ | 947 | $ | 1,037 | $ | 1,056 | $ 922 | |||||||||||
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Fixed charges — Interest expense including interest expense to affiliates | $ | 102 | $ | 502 | $ | 597 | $ | 749 | $ | 707 | $ 598 | |||||||||||
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Ratio of earnings to fixed charges | 1.69 | 1.63 | 1.59 | 1.38 | 1.49 | 1.54 | ||||||||||||||||
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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 income tax provision in the Consolidated Statements of Income and Retained Earnings.