Exhibit 12.2
JPMorgan Chase & Co.
JPMorgan Chase & Co.
Computation
of ratio of earnings to fixed charges
and preferred stock dividend requirements
and preferred stock dividend requirements
| 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 | ||
Preferred stock dividends (pre-tax) |
19 | |||
Fixed charges including preferred stock dividends |
$ | 15,452 | ||
Ratio of earnings to fixed charges and preferred stock dividend requirements |
1.80 | |||
Including interest on deposits |
||||
Fixed charges including preferred stock dividends, as above |
$ | 15,452 | ||
Add: interest on deposits |
10,295 | |||
Total fixed charges including preferred stock dividends and interest on deposits |
$ | 25,747 | ||
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 and preferred stock dividend requirements |
1.48 | |||
| (a) | The proportion deemed representative of the interest factor. |
151