EXHIBIT 12
AMERICAN EXPRESS COMPANY
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
<Table>
<Caption>
Six Months Years Ended December 31,
Ended June 30, ------------------------------------------------------------------------------
2005 2004 2003 2002 2001 2000
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Earnings:
Pretax income from
continuing operations $ 2,694 $ 4,951 $ 4,247 $ 3,727 $ 1,596 $ 3,908
Interest expense 1,003 1,659 1,606 1,832 2,856 2,922
Other adjustments 90 154 157 174 175 163
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Total earnings (a) $ 3,787 $ 6,764 $ 6,010 $ 5,733 $ 4,627 $ 6,993
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Fixed Charges:
Interest expense $ 1,003 $ 1,659 $ 1,606 $ 1,832 $ 2,856 $ 2,922
Other adjustments 86 145 140 151 170 165
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Total fixed charges (b) $ 1,089 $ 1,804 $ 1,746 $ 1,983 $ 3,026 $ 3,087
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Ratio of earnings to
fixed charges (a/b) 3.48 3.75 3.44 2.89 1.53 2.27
</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 net investment income 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 under the equity method 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 under the equity method.
For purposes of the "fixed charges" computation, other adjustments include
capitalized interest costs and the interest component of rental expense.