Year ended December 31, | |||||||||||||||
(in millions, except ratios) | 2012 | 2011 | 2010 | 2009 | 2008(b) | ||||||||||
Excluding interest on deposits | |||||||||||||||
Income from continuing operations before income taxes | $ | 28,917 | $ | 26,749 | $ | 24,859 | $ | 16,067 | $ | 2,773 | |||||
Fixed charges: | |||||||||||||||
Interest expense | 8,498 | 9,749 | 9,357 | 10,372 | 19,693 | ||||||||||
One-third of rents, net of income from subleases(a) | 554 | 562 | 578 | 569 | 507 | ||||||||||
Total fixed charges | 9,052 | 10,311 | 9,935 | 10,941 | 20,200 | ||||||||||
Add: Equity in undistributed loss of affiliates/Less: Equity in undistributed income of affiliates | 172 | 59 | 127 | (21 | ) | 623 | |||||||||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest | $ | 38,141 | $ | 37,119 | $ | 34,921 | $ | 26,987 | $ | 23,596 | |||||
Fixed charges, as above | $ | 9,052 | $ | 10,311 | $ | 9,935 | $ | 10,941 | $ | 20,200 | |||||
Ratio of earnings to fixed charges | 4.21 | 3.60 | 3.51 | 2.47 | 1.17 | ||||||||||
Including interest on deposits | |||||||||||||||
Fixed charges as above | $ | 9,052 | $ | 10,311 | $ | 9,935 | $ | 10,941 | $ | 20,200 | |||||
Add: Interest on deposits | 2,655 | 3,855 | 3,424 | 4,826 | 14,546 | ||||||||||
Total fixed charges and interest on deposits | $ | 11,707 | $ | 14,166 | $ | 13,359 | $ | 15,767 | $ | 34,746 | |||||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above | $ | 38,141 | $ | 37,119 | $ | 34,921 | $ | 26,987 | $ | 23,596 | |||||
Add: Interest on deposits | 2,655 | 3,855 | 3,424 | 4,826 | 14,546 | ||||||||||
Total income from continuing operations before income taxes, fixed charges and interest on deposits | $ | 40,796 | $ | 40,974 | $ | 38,345 | $ | 31,813 | $ | 38,142 | |||||
Ratio of earnings to fixed charges | 3.48 | 2.89 | 2.87 | 2.02 | 1.10 | ||||||||||
(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. |