EX-12 2 a05-4996_2ex12.htm EX-12

Exhibit 12

CREDIT SUISSE FIRST BOSTON (USA), INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(In millions, except for ratio)

 

 

For the Year Ended December 31,

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision for income taxes(1)

 

$

1,826

 

$

569

 

$

(481

)

$

(464

)

$

(1,786

)

Add: Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense (gross)

 

5,731

 

4,447

 

5,436

 

9,923

 

6,823

 

Interest factor in rents

 

161

 

159

 

167

 

187

 

104

 

Total fixed charges from continuing operations

 

5,892

 

4,606

 

5,603

 

10,110

 

6,927

 

Subtract: Minority interests(2)

 

642

 

—

 

—

 

—

 

—

 

Earnings before fixed charges and provision for income taxes

 

$

7,076

 

$

5,175

 

$

5,122

 

$

9,646

 

$

5,141

 

Ratio of earnings to fixed charges

 

1.20

 

1.12

 

0.91

(3)

0.95

(4)

0.74

(5)

(1)      Income (loss) from continuing operations before provision (benefit) for income taxes, minority interests, discontinued operations, extraordinary item and cumulative effect of change in accounting principle.

(2)      Related to the Company’s consolidation of certain private equity funds.

(3)      The dollar amount of the deficiency in the ratio of earnings to fixed charges was $481 million for the year ended December 31, 2002.

(4)      The dollar amount of the deficiency in the ratio of earnings to fixed charges was $464 million for the year ended December 31, 2001.

(5)      The dollar amount of the deficiency in the ratio of earnings to fixed charges was $1.8 billion for the year ended December 31, 2000.