Exhibit 12.1
JPMorgan Chase & Co.
JPMorgan Chase & Co.
Computation of ratio of earnings to fixed charges
Year ended December 31, 2005 (in millions, except ratios) | ||||
Excluding interest on deposits |
||||
Income before income taxes |
$ | 12,215 | ||
Fixed charges: |
||||
Interest expense |
15,074 | |||
One-third of rents, net of income from subleases(a) |
359 | |||
Total fixed charges |
15,433 | |||
Add: equity in undistributed loss of affiliates |
107 | |||
Earnings before taxes and fixed charges, excluding capitalized interest |
$ | 27,755 | ||
Fixed charges, as above |
$ | 15,433 | ||
Ratio of earnings to fixed charges |
1.80 | |||
Including interest on deposits |
||||
Fixed charges, as above |
$ | 15,433 | ||
Add: interest on deposits |
10,295 | |||
Total fixed charges and interest on deposits |
$ | 25,728 | ||
Earnings before taxes and fixed charges, excluding capitalized interest, as above |
$ | 27,755 | ||
Add: interest on deposits |
10,295 | |||
Total earnings before taxes, fixed charges and interest on deposits |
$ | 38,050 | ||
Ratio of earnings to fixed charges |
1.48 | |||
(a) | The proportion deemed representative of the interest factor. |
150