EX-12.1 2 d411053dex121.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

 

     Nine  Months
Ended
September		     Year Ended December     Year Ended November    

One Month
Ended
December

$ in millions   2012     2011     2010     2009     2008      2007     2008

Net earnings/(loss)

     $  4,583        $  4,442        $  8,354        $13,385        $  2,322         $11,599      $  (780)

Add:

               

Provision/(benefit) for taxes

     2,311        1,727        4,538        6,444        14         6,005      (478)

Portion of rents representative of an interest factor

     95        159        169        145        146         137      13 

Interest expense on all indebtedness

     5,610        7,982        6,806        6,500        31,357         41,981      1,002 

Pre-tax earnings/(loss), as adjusted

     $12,599        $14,310        $19,867        $26,474        $33,839         $59,722      $  (243)

Fixed charges 1:

               

Portion of rents representative of an interest factor

     $       95        $     159        $     169        $     145        $     146         $     137      $     13 

Interest expense on all indebtedness

     5,616        7,987        6,810        6,570        31,444         42,051      1,008 

Total fixed charges

     $  5,711        $  8,146        $  6,979        $  6,715        $31,590         $42,188      $1,021 

Preferred stock dividend requirements

     187        2,683        989        1,767        283         291      400 

Total combined fixed charges and preferred stock dividends

     $  5,898        $10,829        $  7,968        $  8,482        $31,873         $42,479      $1,421 

Ratio of earnings to fixed charges

     2.21 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

     2.14 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 $6 million, $5 million, $4 million, $70 million, $87 million, $70 million and $6 million for the nine months ended September 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.