Attached files
| file | filename |
|---|---|
| 10-Q/A - AMERICAN EXPRESS CREDIT CORP | c59394_10q-a.htm |
| EX-12.2 - AMERICAN EXPRESS CREDIT CORP | c59394_ex12-2.htm |
| EX-32.1 - AMERICAN EXPRESS CREDIT CORP | c59394_ex32-1.htm |
| EX-32.2 - AMERICAN EXPRESS CREDIT CORP | c59394_ex32-2.htm |
| EX-31.2 - AMERICAN EXPRESS CREDIT CORP | c59394_ex31-2.htm |
| EX-31.1 - AMERICAN EXPRESS CREDIT CORP | c59394_ex31-1.htm |
EXHIBIT 12.1
AMERICAN EXPRESS CREDIT CORPORATION
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
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Three Months |
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Years Ended December 31, |
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2009 |
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2008 |
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2007 |
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2006 |
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2005 |
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Restated |
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Restated |
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Restated |
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Earnings: |
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Net income |
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$ |
135 |
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$ |
864 |
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$ |
725 |
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$ |
622 |
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$ |
415 |
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Income tax provision |
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22 |
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132 |
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60 |
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95 |
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50 |
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Interest expense |
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195 |
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1,618 |
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2,046 |
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1,614 |
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1,141 |
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Total earnings (a) |
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$ |
352 |
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$ |
2,614 |
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$ |
2,831 |
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$ |
2,331 |
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$ |
1,606 |
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Fixed charges - Interest expense (b) |
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$ |
195 |
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$ |
1,618 |
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$ |
2,046 |
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$ |
1,614 |
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$ |
1,141 |
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Ratio of earnings to fixed charges (a/b) |
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1.81 |
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1.62 |
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1.38 |
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1.44 |
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1.41 |
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Interest expense does not include interest on liabilities recorded under Financial Accounting Standards Board (FASB) Financial Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (FIN 48). Credco’s policy is to classify such interest in income tax provision in the Consolidated Statements of Income.