EX-12.2 4 e93280exv12w2.htm EXHIBIT 12.2 Exhibit 12.2
 

EXHIBIT 12.2

J.P. MORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements

         
Year ended December 31, (in millions, except ratios)   2003  
 
Excluding Interest on Deposits
        
Income before income taxes
   $ 10,028  
 
      
 
Fixed charges:
        
Interest expense
     7,503  
One-third of rents, net of income from subleases (a)
     318  
 
      
Total fixed charges
     7,821  
 
      
 
Less: Equity in undistributed income of affiliates
     (102 )
 
      
 
Earnings before taxes and fixed charges, excluding capitalized interest
   $ 17,747  
 
      
 
Fixed charges, as above
   $ 7,821  
 
Preferred stock dividends (pre-tax)
     76  
 
      
 
Fixed charges including preferred stock dividends
   $ 7,897  
 
      
 
Ratio of earnings to fixed charges and preferred stock dividend requirements
     2.25  
 
      
 
Including Interest on Deposits
        
Fixed charges including preferred stock dividends, as above
   $ 7,897  
 
Add: Interest on deposits
     3,604  
 
      
 
Total fixed charges including preferred stock dividends and interest on deposits
   $ 11,501  
 
      
 
Earnings before taxes and fixed charges, excluding capitalized interest, as above
   $ 17,747  
 
Add: Interest on deposits
     3,604  
 
      
 
Total earnings before taxes, fixed charges and interest on deposits
   $ 21,351  
 
      
 
Ratio of earnings to fixed charges and preferred stock dividend requirements
     1.86  
 
      

(a)
The proportion deemed representative of the interest factor.