EXHIBIT 12
AMERICAN EXPRESS COMPANY
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
<Table>
<Caption>
Six Months
Ended June 30, Years Ended December 31,
2003 ----------------------------------------------------------------------------
(Unaudited) 2002 2001 2000 1999 1998
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Earnings:
Pretax income from
continuing operations $ 2,093 $ 3,727 $ 1,596 $ 3,908 $ 3,438 $ 2,925
Interest expense 824 1,846 2,888 2,952 2,178 2,224
Other adjustments 84 174 175 163 151 124
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Total earnings (a) $ 3,001 $ 5,747 $ 4,659 $ 7,023 $ 5,767 $ 5,273
------------------ ------------- ------------- ------------ ------------- -------------
Fixed Charges:
Interest expense $ 824 $ 1,846 $ 2,888 $ 2,952 $ 2,178 $ 2,224
Other adjustments 72 151 170 165 152 129
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Total fixed charges (b) $ 896 $ 1,997 $ 3,058 $ 3,117 $ 2,330 $ 2,353
------------------ ------------- ------------- ------------ ------------- -------------
Ratio of earnings to
fixed charges (a/b) 3.35 2.88 1.52 2.25 2.48 2.24
</Table>
Included in interest expense in the above computation is interest expense
related to the international banking operations of American Express Company
(the Company) and Travel Related Services' Cardmember lending activities,
which is netted against interest and dividends and Cardmember lending net
finance charge revenue, respectively, in the Consolidated Statements of
Income.
For purposes of the "earnings" computation, other adjustments include adding
the amortization of capitalized interest, the net loss of affiliates accounted
for at equity whose debt is not guaranteed by the Company, the minority
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 at equity.
For purposes of the "fixed charges" computation, other adjustments include
capitalized interest costs and the interest component of rental expense.