EX-12.1 5 d631824dex121.htm EX-12.1 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

 

    Nine Months
Ended September
          Year Ended December  
$ in millions     2018               2017       2016       2015       2014       2013  

Net earnings

    $  7,921         $  4,286       $  7,398       $  6,083       $  8,477       $  8,040  

Add:

             

Provision for taxes

    1,852         6,846       2,906       2,695       3,880       3,697  

Portion of rents representative of an interest factor

    73         91       81       83       103       108  

Interest expense on all indebtedness

    11,435               10,181       7,104       5,388       5,557       6,668  

Pre-tax earnings, as adjusted

    $21,281               $21,404       $17,489       $14,249       $18,017       $18,513  

 

Fixed charges 1:

             

Portion of rents representative of an interest factor

    $       73         $       91       $       81       $       83       $     103       $     108  

Interest expense on all indebtedness

    11,486               10,229       7,127       5,403       5,569       6,672  

Total fixed charges

    $11,559               $10,320       $  7,208       $  5,486       $  5,672       $  6,780  

 

Preferred stock dividend requirements

    473               1,561       804       743       583       458  

Total combined fixed charges and preferred stock dividends

    $12,032               $11,881       $  8,012       $  6,229       $  6,255       $  7,238  

 

Ratio of earnings to fixed charges

    1.84x               2.07x       2.43x       2.60x       3.18x       2.73x  

 

Ratio of earnings to combined fixed charges and preferred stock  dividends

    1.77x               1.80x       2.18x       2.29x       2.88x       2.56x  

 

1.

Fixed charges include capitalized interest of $51 million for the nine months ended September 2018, $48 million for 2017, $23 million for 2016, $15 million for 2015, $12 million for 2014 and $4 million for 2013.