Exhibit 12.1
JPMorgan Chase & Co.
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
| Year ended December 31, 2006 (in millions, except ratios) | ||||
Excluding interest on deposits |
||||
Income from continuing operations before income taxes |
$ | 19,886 | ||
Fixed charges: |
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Interest expense |
20,823 | |||
One-third of rents, net of income from subleases(a) |
357 | |||
Total fixed charges |
21,180 | |||
Less: Equity in undistributed income of affiliates |
(152) | |||
Income from continuing operations before income taxes and fixed charges, excluding capitalized
interest |
$ | 40,914 | ||
Fixed charges, as above |
$ | 21,180 | ||
Ratio of earnings to fixed charges |
1.93 | |||
Including interest on deposits |
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Fixed charges, as above |
$ | 21,180 | ||
Add: Interest on deposits |
17,042 | |||
Total fixed charges and interest on deposits |
$ | 38,222 | ||
Income from continuing operations before income taxes and fixed charges, excluding capitalized
interest, as above |
$ | 40,914 | ||
Add: Interest on deposits |
17,042 | |||
Total Income from continuing operations before income taxes, fixed charges and interest on deposits |
$ | 57,956 | ||
Ratio of earnings to fixed charges |
1.52 | |||
| (a) | The proportion deemed representative of the interest factor. |
162