American Express Credit 10-Q 2016 Q1 Quarterly report

EXHIBIT 12.1

AMERICAN EXPRESS CREDIT CORPORATION

COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended March 31, 2016		Years Ended December 31,
(Dollars in millions)			2015		2014			2013			2012			2011
Earnings:
Net income	$	51	$	214	$	353		$	446		$	339		$	397
Income tax provision (benefit)		6		38		(35	)		(96	)		(51	)		(48	)
Interest expense including interest expense to affiliates		82		360		502			597			749			707
Total earnings	$	139	$	612	$	820		$	947		$	1,037		$	1,056
Fixed charges — Interest expense including interest expense to affiliates	$	82	$	360	$	502		$	597		$	749		$	707
Ratio of earnings to fixed charges		1.70		1.70		1.63			1.59			1.38			1.49

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.