EX-12 2 a18139exv12.htm EXHIBIT 12 exv12
 

     
 
  Reg. S-K
 
  Item 601
 
  Exhibit 12
BERKSHIRE HATHAWAY INC.
Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges
(Dollars in millions)
                                         
    Year Ended December 31,  
    2005     2004     2003     2002     2001  
Net earnings
   $ 8,528     $ 7,308     $ 8,151     $ 4,286     $ 795  
Income tax expense
     4,159       3,569       3,805       2,059       590  
Minority interest in earnings
     104       59       64       14       53  
Equity in earnings of MidAmerican Energy Holdings Company
     (523 )     (237 )     (429 )     (359 )     (134 )
Fixed charges*
     867       875       614       840       1,069  
 
                              
 
                                        
Earnings available for fixed charges
   $ 13,135     $ 11,574     $ 12,205     $ 6,840     $ 2,373  
 
                              
 
                                        
Investment and derivative gains, pretax, included in Earnings available for fixed charges
   $ 5,408     $ 3,471     $ 4,083     $ 838     $ 1,624  
 
                              
 
                                        
Fixed charges*
                                        
Interest on indebtedness (including amortization of debt discount and expense)
   $ 723     $ 721     $ 472     $ 725     $ 968  
 
                                        
Rentals representing interest
     144       154       142       115       101  
 
                              
 
   $ 867     $ 875     $ 614     $ 840     $ 1,069  
 
                              
 
                                        
Ratio of earnings to fixed charges*
     15.15 x     13.23 x     19.88 x     8.14 x     2.22 x
 
                              
 
                                        
Ratio of earnings, excluding investment and derivative gains, to fixed charges*
     8.91 x     9.26 x     13.23 x     7.15 x     0.70 x
 
                              
 
*   Includes fixed charges of finance businesses. Fixed charges of finance businesses were as follows:
                                         
    2005   2004   2003   2002   2001
 
   $ 598     $ 602     $ 337     $ 551     $ 775  
     Excluding fixed charges of finance businesses the ratios of earnings to fixed charges were as follows:
                                         
    2005   2004   2003   2002   2001
Including investment and derivative gains
     46.61x       40.19x       42.84x       21.76x       5.44x  
Excluding investment and derivative gains
     26.50x       27.48x       28.10x       18.86x       (.09) x