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EXHIBIT 12 (a)
WASHINGTON MUTUAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

				Year Ended December 31,
		Nine Months Ended September 30, 2003
				2002		2001		2000		1999		1998
		(in millions)
Earnings, including interest on deposits(1):
Income before income tax expense		$	4,837	$	6,154	$	4,932	$	2,984	$	2,884	$	2,369
Fixed charges			3,708		6,026		8,285		9,538		7,674		6,990
		$	8,545	$	12,180	$	13,217	$	12,522	$	10,558	$	9,359
Fixed charges(1):
	Interest expense	$	3,597	$	5,906	$	8,189	$	9,472	$	7,610	$	6,929
	Estimated interest component of net rental expense		111		120		96		66		64		61
		$	3,708	$	6,026	$	8,285	$	9,538	$	7,674	$	6,990
Ratio of earnings to fixed charges(2)			2.30		2.02		1.60		1.31		1.38		1.34
Earnings, excluding interest on deposits(1):
Income before income tax expense		$	4,837	$	6,154	$	4,932	$	2,984	$	2,884	$	2,369
Fixed charges			2,034		3,358		5,191		6,248		4,504		3,402
		$	6,871	$	9,512	$	10,123	$	9,232	$	7,388	$	5,771
Fixed charges:
	Interest expense	$	3,597	$	5,906	$	8,189	$	9,472	$	7,610	$	6,929
	Less interest on deposits		1,674		2,668		3,094		3,290		3,170		3,588
	Estimated interest component of net rental expense		111		120		96		66		64		61
		$	2,034	$	3,358	$	5,191	$	6,248	$	4,504	$	3,402
Ratio of earnings to fixed charges(2)			3.38		2.83		1.95		1.48		1.64		1.70

(1)

As defined in Item 503(d) of Regulation S-K.

(2)

These computations are included herein in compliance with Securities and Exchange Commission Regulations. However, management believes that fixed charge ratios are not meaningful measures for the business of the Company because of two factors. First, even if there were no change in net income, the ratios would decline with an increase in the proportion of income which is tax-exempt or, conversely, they would increase with a decrease in the proportion of income which is tax-exempt. Second, even if there were no change in net income, the ratios would decline if interest income and interest expense increase by the same amount due to an increase in the level of interest rates or, conversely, they would increase if interest income and interest expense decrease by the same amount due to a decrease in the level of interest rates.

EXHIBIT 12 (b)
WASHINGTON MUTUAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS

				Year Ended December 31,
		Nine Months Ended September 30, 2003
				2002		2001		2000		1999		1998
		(in millions)
Earnings, including interest on deposits(1):
Income before income tax expense		$	4,837	$	6,154	$	4,932	$	2,984	$	2,884	$	2,369
Fixed charges			3,708		6,026		8,285		9,538		7,674		6,990
		$	8,545	$	12,180	$	13,217	$	12,522	$	10,558	$	9,359
Preferred dividend requirement		$	—	$	5	$	7	$	—	$	—	$	20
Ratio of income before income tax expense to net income			1.59		1.58		1.58		1.57		1.59		1.59
Preferred dividends(2)		$	—	$	8	$	11	$	—	$	—	$	32
Fixed charges(1):
	Interest expense	$	3,597	$	5,906	$	8,189	$	9,472	$	7,610	$	6,929
	Estimated interest component of net rental expense		111		120		96		66		64		61
			3,708		6,026		8,285		9,538		7,674		6,990
	Fixed charges and preferred dividends	$	3,708	$	6,034	$	8,296	$	9,538	$	7,674	$	7,022
Ratio of earnings to fixed charges and preferred dividends(3)			2.30		2.02		1.59		1.31		1.38		1.33
Earnings, excluding interest on deposits(1):
Income before income tax expense		$	4,837	$	6,154	$	4,932	$	2,984	$	2,884	$	2,369
Fixed charges			2,034		3,358		5,191		6,248		4,504		3,402
		$	6,871	$	9,512	$	10,123	$	9,232	$	7,388	$	5,771
Preferred dividends(2)		$	—	$	8	$	11	$	—	$	—	$	32
Fixed charges:
	Interest expense	$	3,597	$	5,906	$	8,189	$	9,472	$	7,610	$	6,929
	Less interest on deposits		1,674		2,668		3,094		3,290		3,170		3,588
	Estimated interest component of net rental expense		111		120		96		66		64		61
			2,034		3,358		5,191		6,248		4,504		3,402
	Fixed charges and preferred dividends	$	2,034	$	3,366	$	5,202	$	6,248	$	4,504	$	3,434
Ratio of earnings to fixed charges and preferred dividends(3)			3.38		2.83		1.95		1.48		1.64		1.68

(1)

As defined in Item 503(d) of Regulation S-K.

(2)

The preferred dividends were increased to amounts representing the pretax earnings that would be required to cover such dividend requirements.

(3)

These computations are included herein in compliance with Securities and Exchange Commission Regulations. However, management believes that fixed charge ratios are not meaningful measures for the business of the Company because of two factors. First, even if there were no change in net income, the ratios would decline with an increase in the proportion of income which is tax-exempt or, conversely, they would increase with a decrease in the proportion of income which is tax-exempt. Second, even if there were no change in net income, the ratios would decline if interest income and interest expense increase by the same amount due to an increase in the level of interest rates or, conversely, they would increase if interest income and interest expense decrease by the same amount due to a decrease in the level of interest rates.

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EXHIBIT 12 (a) WASHINGTON MUTUAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12 (b) WASHINGTON MUTUAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS