EX-12.1 2 y91384exv12w1.htm EX-12.1: STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS exv12w1
 
EXHIBIT 12.1
 
THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
                                                         
 
                One Month  
    Six Months   
 		  Year Ended
 		      Ended  
    Ended June      December   Year Ended November    December  
$ in millions   2011      2010   2009   2008   2007   2006   2008  
 
Net earnings/(loss)
  $ 3,822     $ 8,354     $ 13,385     $ 2,322     $ 11,599     $ 9,537     $ (780 )
Add:
                                                       
Provision/(benefit) for taxes
    1,830       4,538       6,444       14       6,005       5,023       (478 )
Portion of rents representative of an
interest factor
    80       169       145       146       137       135       13  
Interest expense on all indebtedness
    4,017       6,806       6,500       31,357       41,981       31,688       1,002  
 
 
Pre-tax earnings/(loss), as adjusted
  $ 9,749     $ 19,867     $ 26,474     $ 33,839     $ 59,722     $ 46,383     $ (243 )
                                                         
Fixed charges 1:
                                                       
Portion of rents representative of an
interest factor
  $ 80     $ 169     $ 145     $ 146     $ 137     $ 135     $ 13  
Interest expense on all indebtedness
    4,019       6,810       6,570       31,444       42,051       31,755       1,008  
 
 
Total fixed charges
  $ 4,099     $ 6,979     $ 6,715     $ 31,590     $ 42,188     $ 31,890     $ 1,021  
                                                         
Preferred stock dividend requirements
    2,754       989       1,767       283       291       212       400  
 
 
                                                         
Total combined fixed charges and
preferred stock dividends
  $ 6,853     $ 7,968     $ 8,482     $ 31,873     $ 42,479     $ 32,102     $ 1,421  
                                                         
Ratio of earnings to fixed charges
    2.38x       2.85x       3.94x       1.07x       1.42x       1.45x       N/A 2  
                                                         
Ratio of earnings to combined fixed charges and preferred stock dividends
    1.42x       2.49x       3.12x       1.06x       1.41x       1.44x       N/A 2  
 
1.   Fixed charges include capitalized interest of $2 million, $4 million, $70 million, $87 million, $70 million, $67 million and $6 million for the six months ended June 2011, years ended December 2010, December 2009, November 2008, November 2007, November 2006 and one month ended December 2008, respectively.
 
2.   Earnings for the one month ended December 2008 were inadequate to cover total fixed charges and total combined fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges and total combined fixed charges and preferred stock dividends were $1.26 billion and $1.66 billion, respectively.