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 | |||||||||||||||||||||||||||
$ in millions | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Net earnings |
$ 5,051 | $ 6,083 | $ 8,477 | $ 8,040 | $ 7,475 | $ 4,442 | ||||||||||||||||||||||
Add: |
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Provision for taxes |
1,856 | 2,695 | 3,880 | 3,697 | 3,732 | 1,727 | ||||||||||||||||||||||
Portion of rents representative of an interest factor |
62 | 83 | 103 | 108 | 125 | 159 | ||||||||||||||||||||||
Interest expense on all indebtedness |
5,016 | 5,388 | 5,557 | 6,668 | 7,501 | 7,982 | ||||||||||||||||||||||
Pre-tax earnings, as adjusted |
$11,985 | $14,249 | $18,017 | $18,513 | $18,833 | $14,310 | ||||||||||||||||||||||
Fixed charges 1: |
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Portion of rents representative of an interest factor |
$ 62 | $ 83 | $ 103 | $ 108 | $ 125 | $ 159 | ||||||||||||||||||||||
Interest expense on all indebtedness |
5,031 | 5,403 | 5,569 | 6,672 | 7,509 | 7,987 | ||||||||||||||||||||||
Total fixed charges |
$ 5,093 | $ 5,486 | $ 5,672 | $ 6,780 | $ 7,634 | $ 8,146 | ||||||||||||||||||||||
Preferred stock dividend requirements |
524 | 743 | 583 | 458 | 274 | 2,683 | ||||||||||||||||||||||
Total combined fixed charges and preferred stock dividends |
$ 5,617 | $ 6,229 | $ 6,255 | $ 7,238 | $ 7,908 | $10,829 | ||||||||||||||||||||||
Ratio of earnings to fixed charges |
2.35x | 2.60x | 3.18x | 2.73x | 2.47x | 1.76x | ||||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends |
2.13x | 2.29x | 2.88x | 2.56x | 2.38x | 1.32x |
1. | Fixed charges include capitalized interest of $15 million for the nine months ended September 2016, $15 million for 2015, $12 million for 2014, $4 million for 2013, $8 million for 2012 and $5 million for 2011. |