EX-12.01 13 a08-3530_1ex12d01.htm EX-12.01

EXHIBIT 12.01

 

Computation of Ratios of Earnings to Fixed Charges and

to Combined Fixed Charges and Preferred Stock Dividends

(Unaudited)

 

 

 

Year Ended November 30,

 

Dollars in millions

 

2007

 

2006

 

2005

 

2004

 

2003

 

Pre-tax earnings from continuing operations

 

$

6,013

 

$

5,905

 

$

4,829

 

$

3,518

 

$

2,536

 

Add: Fixed charges (excluding capitalized interest)

 

39,799

 

29,323

 

18,040

 

9,773

 

8,724

 

Pre-tax earnings before fixed charges

 

$

45,812

 

$

35,228

 

$

22,869

 

$

13,291

 

$

11,260

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

39,746

 

$

29,126

 

$

17,790

 

$

9,674

 

$

8,640

 

Other (1)

 

132

 

108

 

125

 

114

 

119

 

Total fixed charges

 

39,878

 

29,234

 

17,915

 

9,788

 

8,759

 

Preferred stock dividend requirements

 

97

 

98

 

101

 

129

 

143

 

Total combined fixed charges and preferred stock dividends

 

$

39,975

 

$

29,332

 

$

18,016

 

$

9,917

 

$

8,902

 

Ratio of earnings to fixed charges

 

1.15

 

1.21

 

1.28

 

1.36

 

1.29

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

1.15

 

1.20

 

1.27

 

1.34

 

1.26

 

(1)                Other fixed charges consist of the interest factor in rentals and capitalized interest.