1
EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
J.P. Morgan & Co. Incorporated
Consolidated
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Nine Months
Dollars in millions 1999
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Earnings:
Net income $ 1 546
Add: income taxes 796
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 56
Add: fixed charges, excluding interest
on deposits 5 350
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Earnings available for fixed charges,
excluding interest on deposits 7 636
Add: interest on deposits 1 723
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Earnings available for fixed charges,
including interest on deposits 9 359
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Fixed charges:
Interest expense, excluding interest on
deposits 5 327
Interest factor in net rental expense 23
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Total fixed charges, excluding interest
on deposits 5 350
Add: interest on deposits 1 723
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Total fixed charges, including interest
on deposits 7 073
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Ratio of earnings to fixed charges:
Excluding interest on deposits 1.43
Including interest on deposits 1.32
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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 Nine Months
1999
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Earnings:
Net income $ 1 546
Add: income taxes 796
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 56
Add: fixed charges, excluding interest
on deposits, and preferred stock
dividends 5 389
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Earnings available for fixed charges,
excluding interest on deposits 7 675
Add: interest on deposits 1 723
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Earnings available for fixed charges,
including interest on deposits 9 398
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Fixed charges:
Interest expense, excluding interest on
deposits 5 327
Interest factor in net rental expense 23
Preferred stock dividends 39
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Total fixed charges, excluding interest
on deposits 5 389
Add: interest on deposits 1 723
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Total fixed charges, including interest
on deposits 7 112
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Ratio of earnings to fixed charges:
Excluding interest on deposits 1.42
Including interest on deposits 1.32
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