1
EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
J.P. Morgan & Co. Incorporated
Consolidated
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Dollars in millions
Twelve months ended December 31
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1999 1998 1997 1996 1995
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Earnings:
Net income $2 055 $963 $1 465 $1 574 $1 296
Add: income taxes 1 059 454 689 758 610
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 71 79 40 25 16
Add: fixed charges, excluding interest
on deposits 7 207 8 584 7 756 6 502 5 452
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Earnings available for fixed charges,
excluding interest on deposits 10 250 9 922 9 870 8 809 7 342
Add: interest on deposits 2 253 2 823 2 753 2 541 2 520
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Earnings available for fixed charges,
including interest on deposits 12 503 12 745 12 623 11 350 9 862
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Fixed charges:
Interest expense, excluding interest on
deposits 7 176 8 537 7 728 6 470 5 414
Interest factor in net rental expense 31 47 28 32 38
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Total fixed charges, excluding interest on
deposits 7 207 8 584 7 756 6 502 5 452
Add: interest on deposits 2 253 2 823 2 753 2 541 2 520
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Total fixed charges, including interest
on deposits 9 460 11 407 10 509 9 043 7 972
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Ratio of earnings to fixed charges:
Excluding interest on deposits 1.42 1.16 1.27 1.35 1.35
Including interest on deposits 1.32 1.12 1.20 1.26 1.24
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2
EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
Dividends
J.P. Morgan & Co. Incorporated
Consolidated
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Dollars in millions
Twelve months ended December 31
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1999 1998 1997 1996 1995
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Earnings:
Net income $2 055 $963 $1 465 $1 574 $1 296
Add: income taxes 1 059 454 689 758 610
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 71 79 40 25 16
Add: fixed charges, excluding interest
on deposits 7 260 8 637 7 756 6 502 5 452
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Earnings available for fixed charges,
excluding interest on deposits 10 303 9 975 9 870 8 809 7 342
Add: interest on deposits 2 253 2 823 2 753 2 541 2 520
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Earnings available for fixed charges,
including interest on deposits 12 556 12 798 12 623 11 350 9 862
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Fixed charges:
Interest expense, excluding interest on
deposits 7 176 8 537 7 728 6 470 5 414
Interest factor in net rental expense 31 47 28 32 38
Preferred stock dividends 53 53 51 49 35
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Total fixed charges, excluding interest
on deposits 7 260 8 637 7 807 6 551 5 487
Add: interest on deposits 2 253 2 823 2 753 2 541 2 520
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Total fixed charges, including interest
on deposits 9 513 11 460 10 560 9 092 8 007
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Ratio of earnings to fixed charges and
preferred stock dividends:
Excluding interest on deposits 1.42 1.15 1.26 1.34 1.34
Including interest on deposits 1.32 1.11 1.20 1.25 1.23
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