EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

(Dollar amounts in millions)

 

     Six  Months
Ended
June 30,
2010		                           
       Year Ended December 31,
       2009    2008     2007    2006    2005

Income before income taxes

    $ 1,278      $ 1,272    $ 1,016      $ 1,820    $ 525    $ 373

Less: Net income (loss) attributable to non-controlling interests( 1)

     (38 )      22      (155 )      364      16      3
                                           

Pre-tax income attributable to BlackRock, Inc.

      1,316        1,250      1,171        1,456      509      370

Add: Fixed charges

      109        104      102        80      25      18

Distributions of earnings from equity method investees

      9        18      28        23      2      3

Less: (Losses) earnings from equity method investees

      48        30      (294 )      84      6      12
                                           

Pre-tax income before fixed charges

    $ 1,386      $ 1,342    $ 1,595      $ 1,475    $ 530    $ 379
                                           

Fixed charges:

                

Interest expense

    $ 78      $ 68    $ 69      $ 52    $ 13    $ 11

Interest expense on uncertain tax positions(2)

      6        8      5        2      —        —  

Portion of rent representative of interest

      25        28      28        26      12      7
                                           

Total fixed charges

    $ 109      $ 104    $ 102      $ 80    $ 25    $ 18
                                           

Ratio of earnings to fixed charges

      12.7x        12.9x      15.6x        18.4x      21.2x      21.1x
                                           

 

( 1 )

Includes redeemable and nonredeemable non-controlling interests.

( 2 )

Interest expense on uncertain tax positions, in accordance with ASC 740-10, Income Taxes, has been recorded within income tax expense on the condensed consolidated statements of income.