Exhibit 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31, | |||||||||||||||
(in millions, except ratios) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
Excluding interest on deposits | |||||||||||||||
Income from continuing operations before income taxes | $ | 30,702 | $ | 30,699 | $ | 26,675 | $ | 29,566 | $ | 27,358 | |||||
Fixed charges: | |||||||||||||||
Interest expense | 6,211 | 6,264 | 7,610 | 8,498 | 9,749 | ||||||||||
One-third of rents, net of income from subleases(a) | 535 | 624 | 616 | 554 | 562 | ||||||||||
Total fixed charges | 6,746 | 6,888 | 8,226 | 9,052 | 10,311 | ||||||||||
Add: Equity in undistributed loss of affiliates/Less: Equity in undistributed income of affiliates | 406 | 1,026 | 770 | 172 | 59 | ||||||||||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest | $ | 37,854 | $ | 38,613 | $ | 35,671 | $ | 38,790 | $ | 37,728 | |||||
Fixed charges, as above | $ | 6,746 | $ | 6,888 | $ | 8,226 | $ | 9,052 | $ | 10,311 | |||||
Ratio of earnings to fixed charges | 5.61 | 5.61 | 4.34 | 4.29 | 3.66 | ||||||||||
Including interest on deposits | |||||||||||||||
Fixed charges as above | $ | 6,746 | $ | 6,888 | $ | 8,226 | $ | 9,052 | $ | 10,311 | |||||
Add: Interest on deposits | 1,252 | 1,633 | 2,067 | 2,655 | 3,855 | ||||||||||
Total fixed charges and interest on deposits | $ | 7,998 | $ | 8,521 | $ | 10,293 | $ | 11,707 | $ | 14,166 | |||||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above | $ | 37,854 | $ | 38,613 | $ | 35,671 | $ | 38,790 | $ | 37,728 | |||||
Add: Interest on deposits | 1,252 | 1,633 | 2,067 | 2,655 | 3,855 | ||||||||||
Total income from continuing operations before income taxes, fixed charges and interest on deposits | $ | 39,106 | $ | 40,246 | $ | 37,738 | $ | 41,445 | $ | 41,583 | |||||
Ratio of earnings to fixed charges | 4.89 | 4.72 | 3.67 | 3.54 | 2.94 |
(a) | The proportion deemed representative of the interest factor. |