Exhibit 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31, | |||||||||||||||
(in millions, except ratios) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||
Excluding interest on deposits | |||||||||||||||
Income from continuing operations before income taxes | $ | 29,792 | $ | 25,914 | $ | 28,917 | $ | 26,749 | $ | 24,859 | |||||
Fixed charges: | |||||||||||||||
Interest expense | 6,264 | 7,610 | 8,498 | 9,749 | 9,357 | ||||||||||
One-third of rents, net of income from subleases(a) | 624 | 616 | 554 | 562 | 578 | ||||||||||
Total fixed charges | 6,888 | 8,226 | 9,052 | 10,311 | 9,935 | ||||||||||
Add: Equity in undistributed loss of affiliates/Less: Equity in undistributed income of affiliates | 1,026 | 770 | 172 | 59 | 127 | ||||||||||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest | $ | 37,706 | $ | 34,910 | $ | 38,141 | $ | 37,119 | $ | 34,921 | |||||
Fixed charges, as above | $ | 6,888 | $ | 8,226 | $ | 9,052 | $ | 10,311 | $ | 9,935 | |||||
Ratio of earnings to fixed charges | 5.47 | 4.24 | 4.21 | 3.60 | 3.51 | ||||||||||
Including interest on deposits | |||||||||||||||
Fixed charges as above | $ | 6,888 | $ | 8,226 | $ | 9,052 | $ | 10,311 | $ | 9,935 | |||||
Add: Interest on deposits | 1,633 | 2,067 | 2,655 | 3,855 | 3,424 | ||||||||||
Total fixed charges and interest on deposits | $ | 8,521 | $ | 10,293 | $ | 11,707 | $ | 14,166 | $ | 13,359 | |||||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above | $ | 37,706 | $ | 34,910 | $ | 38,141 | $ | 37,119 | $ | 34,921 | |||||
Add: Interest on deposits | 1,633 | 2,067 | 2,655 | 3,855 | 3,424 | ||||||||||
Total income from continuing operations before income taxes, fixed charges and interest on deposits | $ | 39,339 | $ | 36,977 | $ | 40,796 | $ | 40,974 | $ | 38,345 | |||||
Ratio of earnings to fixed charges | 4.62 | 3.59 | 3.48 | 2.89 | 2.87 |
(a) | The proportion deemed representative of the interest factor. |
331 |