American Express Credit 10-K 2015 FY Annual report

EXHIBIT 12.2

AMERICAN EXPRESS COMPANY

COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

	Years Ended December 31,
(Dollars in Millions)	2015		2014		2013		2012		2011
Earnings:
Pretax income from continuing operations	$	7,938	$	8,991	$	7,888	$	6,451	$	6,956
Interest expense(a)		1,623		1,707		1,958		2,226		2,320
Other adjustments(b)		118		402		133		117		124
Total earnings	$	9,679	$	11,100	$	9,979	$	8,794	$	9,400
Fixed charges:
Interest expense	$	1,623	$	1,707	$	1,958	$	2,226	$	2,320
Other adjustments(c)		62		79		93		102		94
Total fixed charges	$	1,685	$	1,786	$	2,051	$	2,328	$	2,414
Preferred stock dividends	$	62		—		—		—		—
Total fixed charges and preferred stock dividends	$	1,747		1,786		2,051		2,328		2,414
Ratio of earnings to combined fixed charges and preferred stock dividends		5.54		6.22		4.87		3.78		3.89

(a) Included in interest expense is interest expense related to the Card Member lending activities, international banking operations, and charge card and other activities in the Consolidated Statements of Income. Interest expense does not include interest on liabilities recorded under GAAP governing accounting for uncertainty in income taxes. American Express’ policy is to classify such interest in income tax provision in the Consolidated Statements of Income.

(b) For purposes of the “earnings” computation, “other adjustments” include adding the amortization of capitalized interest, the net loss of affiliates accounted for under the equity method whose debt is not guaranteed by American Express, the non-controlling interest in the earnings of majority-owned subsidiaries with fixed charges, and the interest component of rental expense, and subtracting undistributed net income of affiliates accounted for under the equity method.

(c) For purposes of the “fixed charges” computation, “other adjustments” include capitalized interest costs and the interest component of rental expense.