EX-12.1 2 d330759dex121.htm STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Statement re: Computation of Ratios of Earnings to Fixed Charges

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

 

   

Three Months

Ended March

          Year Ended December          Year Ended November              One Month 
Ended 
December 
$ in millions   2012           2011      2010      2009           2008      2007           2008 

Net earnings/(loss)

     $2,109             $  4,442         $  8,354         $13,385             $  2,322         $11,599           $ (780)

Add:

                          

Provision/(benefit) for taxes

     1,072             1,727         4,538         6,444             14         6,005           (478)

Portion of rents representative of an interest factor

     31             159         169         145             146         137           13 

Interest expense on all indebtedness

     1,852             7,982         6,806         6,500             31,357         41,981           1,002 

Pre-tax earnings/(loss), as adjusted

     $5,064             $14,310         $19,867         $26,474             $33,839         $59,722           $ (243)

Fixed charges 1:

                          

Portion of rents representative of an interest factor

     $     31             $     159         $     169         $     145             $     146         $      137           $      13  

Interest expense on all indebtedness

     1,855             7,987         6,810         6,570             31,444         42,051           1,008  

Total fixed charges

     $1,886             $  8,146         $  6,979         $  6,715             $31,590         $42,188           $1,021  

Preferred stock dividend requirements

     53             2,683         989         1,767             283         291           400  

Total combined fixed charges and preferred stock dividends

     $1,939             $10,829         $  7,968         $  8,482             $31,873         $42,479           $1,421  

Ratio of earnings to fixed charges

     2.69 x           1.76 x       2.85 x       3.94 x           1.07 x       1.42 x         N/A 2

Ratio of earnings to combined fixed charges and preferred stock dividends

     2.61 x           1.32 x       2.49 x       3.12 x           1.06 x       1.41 x         N/A 2

 

1.

Fixed charges include capitalized interest of $3 million, $5 million, $4 million, $70 million, $87 million, $70 million and $6 million for the three months ended March 2012, years ended December 2011, December 2010, December 2009, November 2008, November 2007 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.