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Previous: MORGAN STANLEY DEAN WITTER & CO, S-3, EX-4.F, 2000-10-06 |
Next: MORGAN STANLEY DEAN WITTER & CO, S-3, EX-12.B, 2000-10-06 |
<TABLE>
Exhibit 12-a
MORGAN STANLEY DEAN WITTER & CO.
Ratio of Earnings to Fixed Charges
(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
------- ------ ------- ------- -------
Total fixed charges .................................... $ 8,421 $6,214 $12,725 $13,614 $10,898
======= ====== ======= ======= =======
Ratio of earnings to fixed charges .............................. 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.
</TABLE>
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