EX-12.1 3 y78466exv12w1.htm EX-12.1:STATEMENT RE: COMPUTATION OF RATIONS OF EARNINGS TO FIXED CHARGES AND RATIOS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS EX-12.1
EXHIBIT 12.1
 
THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                                         
    Six Months    
    Ended June   Year Ended November
    2009   2008   2007   2006   2005
                     
    ($ in millions)
Net earnings
   $ 5,249     $ 2,322     $ 11,599     $ 9,537     $ 5,626  
Add:
                                        
Provision for taxes
     2,409       14       6,005       5,023       2,647  
Portion of rents representative of an interest factor
     73       146       137       135       119  
Interest expense on all indebtedness
     3,883       31,357       41,981       31,688       18,153  
 
                                        
 
                                        
Pre-tax earnings, as adjusted
   $ 11,614     $ 33,839     $ 59,722     $ 46,383     $ 26,545  
 
                                        
 
                                        
Fixed charges(1):
                                        
Portion of rents representative of an interest factor
   $ 73     $ 146     $ 137     $ 135     $ 119  
Interest expense on all indebtedness
     3,921       31,444       42,051       31,755       18,161  
 
                                        
 
                                        
Total fixed charges
   $ 3,994     $ 31,590     $ 42,188     $ 31,890     $ 18,280  
 
                                        
 
                                        
Preferred stock dividend requirements
     1,273       283       291       212       25  
 
                                        
Total combined fixed charges and preferred stock dividends
   $ 5,267     $ 31,873     $ 42,479     $ 32,102     $ 18,305  
 
                                        
 
                                        
Ratio of earnings to fixed charges
     2.91 x     1.07 x     1.42 x     1.45 x     1.45 x
 
                                        
 
                                        
Ratio of earnings to combined fixed charges and preferred stock dividends
     2.21 x     1.06 x     1.41 x     1.44 x     1.45 x
 
                                        
 
 
(1) Fixed charges include capitalized interest of $38 million, $87 million, $70 million, $67 million and $8 million as of June 2009, November 2008, November 2007, November 2006 and November 2005, respectively.