EX-12.1 2 e10350exv12w1.htm EX-12.1: STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EX-12.1
 

EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ in millions)

                                 
Three Months Six Months
Ended May Ended May
2005 2004 2005 2004
 
                               
Net earnings
  $ 865     $ 1,187     $ 2,377     $ 2,480  
 
                               
Add:
                               
 
                               
Provision for taxes
    379       553       1,012       1,189  
Portion of rents representative of an interest factor
    29       29       57       60  
Interest expense on all indebtedness
    4,022       2,038       7,471       3,911  
 
                       
 
                               
Earnings, as adjusted
  $ 5,295     $ 3,807     $ 10,917     $ 7,640  
 
                       
 
                               
Fixed charges (1):
                               
Portion of rents representative of an interest factor
  $ 29     $ 29     $ 57     $ 60  
Interest expense on all indebtedness
    4,022       2,040       7,471       3,917  
 
                       
Fixed charges
  $ 4,051     $ 2,069     $ 7,528     $ 3,977  
 
                       
 
                               
Ratio of earnings to fixed charges
    1.31 x     1.84 x     1.45 x     1.92 x
 
                       
 
(1)   Fixed charges include capitalized interest.