1
EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
J.P. Morgan & Co. Incorporated
Consolidated
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Three Months
Dollars in millions 2000
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Earnings:
Net income $ 628
Add: income taxes 353
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 31
Add: fixed charges, excluding interest
on deposits 2 044
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Earnings available for fixed charges,
excluding interest on deposits 2 994
Add: interest on deposits 542
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Earnings available for fixed charges,
including interest on deposits 3 536
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Fixed charges:
Interest expense, excluding interest on
deposits 2 036
Interest factor in net rental expense 8
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Total fixed charges, excluding interest
on deposits 2 044
Add: interest on deposits 542
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Total fixed charges, including interest
on deposits 2 586
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Ratio of earnings to fixed charges:
Excluding interest on deposits 1.46
Including interest on deposits 1.37
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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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Three Months
Dollars in millions 2000
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Earnings:
Net income $ 628
Add: income taxes 353
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 31
Add: fixed charges, excluding interest
on deposits, and preferred stock
dividends 2 059
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Earnings available for fixed charges,
excluding interest on deposits 3 009
Add: interest on deposits 542
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Earnings available for fixed charges,
including interest on deposits 3 551
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Fixed charges:
Interest expense, excluding interest on
deposits 2 036
Interest factor in net rental expense 8
Preferred stock dividends 15
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Total fixed charges, excluding interest
on deposits 2 059
Add: interest on deposits 542
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Total fixed charges, including interest
on deposits 2 601
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Ratio of earnings to fixed charges:
Excluding interest on deposits 1.46
Including interest on deposits 1.37
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