EX-12.1 4 corp10k2011exhibit121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CORP 10K 2011 Exhibit 12.1


Exhibit 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31,
 

 

 

 

 

(in millions, except ratios)
2011

2010

2009

2008(b)

2007

Excluding interest on deposits
 
 
 
 
 
Income from continuing operations before income taxes
$
26,749

$
24,859

$
16,067

$
2,773

$
22,805

Fixed charges:
 
 
 
 
 
Interest expense
9,749

9,357

10,372

19,693

23,328

One-third of rents, net of income from subleases(a)
562

578

569

507

400

Total fixed charges
10,311

9,935

10,941

20,200

23,728

Add: Equity in undistributed loss of affiliates/Less: Equity in undistributed income of affiliates
59

127

(21
)
623

(159
)
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest
$
37,119

$
34,921

$
26,987

$
23,596

$
46,374

Fixed charges, as above
$
10,311

$
9,935

$
10,941

$
20,200

$
23,728

Ratio of earnings to fixed charges
3.60

3.51

2.47

1.17

1.95

Including interest on deposits
 
 
 
 
 
Fixed charges as above
$
10,311

$
9,935

$
10,941

$
20,200

$
23,728

Add: Interest on deposits
3,855

3,424

4,826

14,546

21,653

Total fixed charges and interest on deposits
$
14,166

$
13,359

$
15,767

$
34,746

$
45,381

Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above
$
37,119

$
34,921

$
26,987

$
23,596

$
46,374

Add: Interest on deposits
3,855

3,424

4,826

14,546

21,653

Total income from continuing operations before income taxes, fixed charges and interest on deposits
$
40,974

$
38,345

$
31,813

$
38,142

$
68,027

Ratio of earnings to fixed charges
2.89

2.87

2.02

1.10

1.50

(a)
The proportion deemed representative of the interest factor.
(b)
On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual Bank. On May 30, 2008, JPMorgan Chase merged with The Bear Stearns Companies Inc. Each of these transactions was accounted for as a purchase, and their respective results of operations are included in the Firm’s results from each respective transaction date.