Exhibit 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
| Year ended December 31, (in millions, except ratios) |
2007 | 2006 | 2005 | 2004(b) | 2003(b) | |||||||||||||
| Excluding interest on deposits |
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| Income from continuing operations before income taxes |
$ | 22,805 | $ | 19,886 | $ | 11,839 | $ | 5,856 | $ | 9,773 | ||||||||
| Fixed charges: |
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| Interest expense |
23,328 | 20,823 | 15,534 | 9,418 | 7,475 | |||||||||||||
| One-third of rents, net of income from subleases(a) |
400 | 357 | 349 | 334 | 318 | |||||||||||||
| Total fixed charges |
23,728 | 21,180 | 15,883 | 9,752 | 7,793 | |||||||||||||
| Less: Equity in undistributed income of affiliates/Add: Equity in undistributed loss of affiliates |
(159 | ) | (152 | ) | 6 | 149 | (102 | ) | ||||||||||
| Income from continuing operations before income taxes and fixed charges, excluding capitalized interest |
$ | 46,374 | $ | 40,914 | $ | 27,728 | $ | 15,757 | $ | 17,464 | ||||||||
| Fixed charges, as above |
$ | 23,728 | $ | 21,180 | $ | 15,883 | $ | 9,752 | $ | 7,793 | ||||||||
| Ratio of earnings to fixed charges |
1.95 | 1.93 | 1.75 | 1.62 | 2.24 | |||||||||||||
| Including interest on deposits |
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| Fixed charges, as above |
$ | 23,728 | $ | 21,180 | $ | 15,883 | $ | 9,752 | $ | 7,793 | ||||||||
| Add: Interest on deposits |
21,653 | 17,042 | 9,986 | 4,515 | 3,526 | |||||||||||||
| Total fixed charges and interest on deposits |
$ | 45,381 | $ | 38,222 | $ | 25,869 | $ | 14,267 | $ | 11,319 | ||||||||
| Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above |
$ | 46,374 | $ | 40,914 | $ | 27,728 | $ | 15,757 | $ | 17,464 | ||||||||
| Add: Interest on deposits |
21,653 | 17,042 | 9,986 | 4,515 | 3,526 | |||||||||||||
| Total Income from continuing operations before income taxes, fixed charges and interest on deposits |
$ | 68,027 | $ | 57,956 | $ | 37,714 | $ | 20,272 | $ | 20,990 | ||||||||
| Ratio of earnings to fixed charges |
1.50 | 1.52 | 1.46 | 1.42 | 1.85 | |||||||||||||
| (a) | The proportion deemed representative of the interest factor. |
| (b) | 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results. 2003 reflects the results of heritage JPMorgan Chase only. |
198