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Previous: MORGAN STANLEY DEAN WITTER & CO, S-3, EX-12.A, 2000-10-06 |
Next: MORGAN STANLEY DEAN WITTER & CO, S-3, EX-15, 2000-10-06 |
<TABLE>
Exhibit 12-b
MORGAN STANLEY DEAN WITTER & CO.
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in millions)
Six Months Ended
--------------------- Fiscal Year
May 31, May 31, -----------------------------------
2000 1999 1999 1998 1997
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Earnings:
Income before income taxes(l) $ 4,727 $3,530 $ 7,728 $ 5,385 $ 4,274
Add: Fixed charges, net 8,421 6,214 12,725 13,614 10,898
------- ------ ------- ------- -------
Income before income taxes and fixed charges, net $13,148 $9,744 $20,453 $18,999 $15,172
======= ====== ======= ======= =======
Fixed charges:
Total interest expense $ 8,352 $6,157 $12,616 $13,514 $10,806
Interest factor in rents 69 57 109 100 92
Preferred stock dividends 28 35 72 87 110
------- ------ ------- ------- -------
Total fixed charges and preferred stock dividends $ 8,449 $6,249 $12,797 $13,701 $11,008
======= ====== ======= ======= =======
Ratio of earnings to fixed charges and preferred stock dividends 1.6 1.6 1.6 1.4 1.4
(1) 1998 Income before income taxes does not include a cumulative effect of accounting change.
"Earnings" consist of income before income taxes and fixed charges. "Fixed charges" consist of interest costs, including interest
on deposits, and that portion of rent expense estimated to be representative of the interest factor. The preferred stock dividend
amounts represent pre-tax earnings required to cover dividends on preferred stock.
</TABLE>
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