EX-12.1 2 d590232dex121.htm EX-12.1 EX-12.1

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     2013            2012        2011        2010        2009            2008            2008   

Net earnings/(loss)

     $  5,708          $  7,475        $  4,442        $  8,354        $13,385          $  2,322          $  (780 ) 
   

Add:

                    

Provision/(benefit) for taxes

     2,477          3,732        1,727        4,538        6,444          14          (478 ) 
   

Portion of rents representative of an interest factor

     82          125        159        169        145          146          13   
   

Interest expense on all indebtedness

     5,078            7,501        7,982        6,806        6,500            31,357            1,002   

Pre-tax earnings/(loss), as adjusted

     $13,345            $18,833        $14,310        $19,867        $26,474            $33,839            $  (243 ) 

Fixed charges 1:

                    

Portion of rents representative of an interest factor

     $       82          $     125        $     159        $     169        $     145          $     146          $     13   
   

Interest expense on all indebtedness

     5,081            7,509        7,987        6,810        6,570            31,444            1,008   

Total fixed charges

     $  5,163            $  7,634        $  8,146        $  6,979        $  6,715            $31,590            $1,021   

 

Preferred stock dividend requirements

     330            274        2,683        989        1,767            283            400   

Total combined fixed charges and preferred
stock dividends

     $  5,493            $  7,908        $10,829        $  7,968        $  8,482            $31,873            $1,421   

 

Ratio of earnings to fixed charges

     2.58 x          2.47 x      1.76 x      2.85 x      3.94 x          1.07 x          N/A  2 

 

Ratio of earnings to combined fixed charges and
preferred stock dividends

     2.43 x          2.38 x      1.32 x      2.49 x      3.12 x          1.06 x          N/A  2 

 

1.

Fixed charges include capitalized interest of $3 million, $8 million, $5 million, $4 million, $70 million, $87 million and $6 million for the nine months ended September 2013, years ended December 2012, December 2011, December 2010, December 2009, November 2008 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.