EX-12 3 a97198exv12.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)
                                         
    Years Ended December 31,
    2003
   2002
   2001
   2000
   1999
Net earnings
   $ 8,151     $ 4,286     $ 795     $ 3,328     $ 1,557  
Income tax expense
     3,805       2,059       590       1,997       852  
Minority interest in earnings
     64       14       53       241       41  
Equity in earnings of MidAmerican Energy Holdings Company
     (429 )     (359 )     (134 )     (85 )     —  
Fixed charges*
     614       840       1,069       986       773  
 
    
 		      
 		      
 		      
 		      
 		  
Earnings available for fixed charges
   $ 12,205     $ 6,840     $ 2,373     $ 6,467     $ 3,223  
 
    
 		      
 		      
 		      
 		      
 		  
Realized investment gains, pretax, included in Earnings available for fixed charges
   $ 4,129     $ 918     $ 1,488     $ 4,499     $ 1,247  
 
    
 		      
 		      
 		      
 		      
 		  
Fixed charges*
                                       
Interest on indebtedness (including amortization of debt discount and expense)
   $ 472     $ 725     $ 968     $ 916     $ 715  
Rentals representing interest
     142       115       101       70       58  
 
    
 		      
 		      
 		      
 		      
 		  
 
   $ 614     $ 840     $ 1,069     $ 986     $ 773  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges*
     19.88x       8.14x       2.22x       6.56x       4.17x  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of earnings, excluding realized investment gains, to fixed charges*
     13.15x       7.05x       0.83x       2.00x       2.56x  
 
    
 		      
 		      
 		      
 		      
 		  

*   Includes fixed charges of finance businesses. Fixed charges of finance businesses were as follows:
                                         
   
    2003
   2002
   2001
   2000
   1999
    $ 337     $ 551     $ 775     $ 786     $ 586  

     Excluding fixed charges of finance businesses the ratios of earnings to fixed charges were as follows:

                                         
    2003
   2002
   2001
   2000
   1999
Including realized investment gains
     42.84x       21.76x       5.44x       28.41x       14.10x  
Excluding realized investment gains
     27.94x       18.58x       0.37x       5.91x       7.43x