EXHIBIT 12-b
MORGAN STANLEY DEAN WITTER & CO.
Ratio of Earnings to Fixed Charges and Stock Dividends
(Dollars in millions)
Fiscal Year
2001 2000 1999 1998 1997
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Earnings:
Income before income taxes (l) $ 5,684 $ 8,526 $ 7,728 $ 5,385 $ 4,274
Add: Fixed charges, net 20,941 18,334 12,626 13,564 10,898
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Income before income taxes and fixed charges, net $ 26,625 $ 26,860 $ 20,354 $ 18,949 $ 15,172
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Fixed charges:
Total interest expense $ 20,805 $ 18,183 $ 12,515 $ 13,464 $ 10,806
Interest factor in rents 162 154 111 100 92
Preferred stock dividends 50 56 72 87 110
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Total fixed charges and preferred stock dividends $ 21,017 $ 18,393 $ 12,698 $ 13,651 $ 11,008
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Ratio of earnings to fixed charges and preferred stock dividends 1.3 1.5 1.6 1.4 1.4
(1) Fiscal 2001 income before income taxes does not include an extraordinary item or the cumulative effect of accounting change.
Fiscal 1998 income before income taxes does not include a cumulative effect of accounting change.
"Earnings" consist of income before income taxes and fixed charges. "Fixed charges" consist of interest costs, including interest
on deposits, and that portion of rent expense estimated to be representative of the interest factor. The preferred stock dividend
amounts represent pre-tax earnings required to cover dividends on preferred stock.