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EXHIBIT 12
AMERICAN EXPRESS COMPANY
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
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Three Months Years Ended December 31,
Ended March 31, -----------------------------------------
2006 2005 2004 2003 2002
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Earnings:
Pretax income from continuing operations $ 876 $ 4,248 $ 3,831 $ 3,415 $ 3,021
Interest expense 608 2,168 1,659 1,606 1,832
Other adjustments 35 150 151 154 174
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Total earnings (a) $ 1,519 $ 6,566 $ 5,641 $ 5,175 $ 5,027
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Fixed charges:
Interest expense $ 608 $ 2,168 $ 1,659 $ 1,606 $ 1,832
Other adjustments 26 151 145 139 151
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Total fixed charges (b) $ 634 $ 2,319 $ 1,804 $ 1,745 $ 1,983
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Ratio of earnings to fixed charges (a/b) 2.40 2.83 3.13 2.97 2.54
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Included in interest expense in the above computation is interest expense
related to the international banking operations and the 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.