EX-12.1 15 y88213exv12w1.htm EX-12.1: STATEMENT RE: COMPUTATION OF RATIOS exv12w1
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
                                                 
                                            One Month  
    Year Ended                             Ended  
    December     Year Ended November     December  
    2010     2009     2008     2007     2006     2008  
$ in millions  
 
 
                                                
Net earnings/(loss)
   $ 8,354     $ 13,385     $ 2,322     $ 11,599     $ 9,537     $ (780)
Add:
                                                
Provision/(benefit) for taxes
     4,538       6,444       14       6,005       5,023       (478)
Portion of rents representative of an interest factor
     169       145       146       137       135       13  
Interest expense on all indebtedness
     6,806       6,500       31,357       41,981       31,688       1,002  
 
 
                                                
Pre-tax earnings/(loss), as adjusted
   $ 19,867     $ 26,474     $ 33,839     $ 59,722     $ 46,383     $ (243)
 
 
                                                
Fixed charges 1:
                                                
Portion of rents representative of an interest factor
   $ 169     $ 145     $ 146     $ 137     $ 135     $ 13  
Interest expense on all indebtedness
     6,810       6,570       31,444       42,051       31,755       1,008  
 
 
                                                
Total fixed charges
   $ 6,979     $ 6,715     $ 31,590     $ 42,188     $ 31,890     $ 1,021  
 
 
                                                
Preferred stock dividend requirements
     989       1,767       283       291       212       400  
 
                                                
Total combined fixed charges and preferred stock dividends
   $ 7,968     $ 8,482     $ 31,873     $ 42,479     $ 32,102     $ 1,421  
 
 
                                                
Ratio of earnings to fixed charges
     2.85  x     3.94  x     1.07  x     1.42  x     1.45  x     N/A 2  
 
 
                                                
Ratio of earnings to combined fixed charges and preferred stock dividends
     2.49  x     3.12  x     1.06  x     1.41  x     1.44  x     N/A 2  
 
 
1. Fixed charges include capitalized interest of $4 million, $70 million, $87 million, $70 million, $67 million, and $6 million for years ended December 2010, December 2009, November 2008, November 2007, November 2006 and one month ended December 2008, respectively.
2. Earnings for the one month ended December 2008 were inadequate to cover total fixed charges and total combined fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges and total combined fixed charges and preferred stock dividends were $1.26 billion and $1.66 billion, respectively.