EX-12 10 v51790a1exv12.htm EX-12 exv12
EXHIBIT 12
BERKSHIRE HATHAWAY INC.
Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges
(Dollars in millions)
                                                 
    Three Months
Ended 		    Year Ended December 31,  
    March 31, 2009     2008     2007     2006     2005     2004  
Net earnings (loss) attributable to Berkshire Hathaway
   $ (1,534 )   $ 4,994     $ 13,213     $ 11,015     $ 8,528     $ 7,308  
Income tax expense/benefit
     (1,014 )     1,978       6,594       5,505       4,159       3,569  
Earnings attributable to noncontrolling interests
     88       602       354       258       104       59  
Earnings from equity method investments
     (83 )     —       —       —       (523 )     (237 )
Fixed charges*
     560       2,276       2,202       1,979       867       875  
 
                                    
Earnings available for fixed charges
   $ (1,983 )   $ 9,850     $ 22,363     $ 18,757     $ 13,135     $ 11,574  
 
                                    
 
                                                
Investment and derivative gains/losses, pretax, included in earnings available for fixed charges
   $ (4,983 )   $ (7,461 )   $ 5,509     $ 2,635     $ 5,408     $ 3,471  
 
                                    
 
                                                
Fixed charges*
                                                
Interest on indebtedness (including amortization of debt discount and expense)
   $ 488     $ 1,963     $ 1,910     $ 1,724     $ 723     $ 721  
Rentals representing interest and other
     72       313       292       255       144       154  
 
                                    
 
   $ 560     $ 2,276     $ 2,202     $ 1,979     $ 867     $ 875  
 
                                    
 
                                                
Ratio of earnings to fixed charges*
     (3.54x )     4.33x       10.16x       9.48x       15.15x       13.23x  
 
                                    
Ratio of earnings, excluding investment and derivative gains/losses, to fixed charges*
     5.36x       7.61x       7.65x       8.15x       8.91x       9.26x  
 
                                    
 
*   Includes fixed charges of finance and financial products and utilities and energy businesses as follows:
                                                 
    Three Months
Ended 		       
    March 31, 2009     2008     2007     2006     2005     2004  
Finance and financial products
   $ 168     $ 661     $ 608     $ 571     $ 598     $ 602  
Utilities and energy
     311       1,272       1,265       1,070       —       —  
     Excluding fixed charges of finance and financial products and utilities and energy businesses the ratios of earnings to fixed charges were as follows:
                                                 
    Three Months
Ended 		       
    March 31, 2009   2008   2007   2006   2005   2004
Including investment and derivative gains/losses
     (30.40x )     23.08x       62.28x       50.64x       46.61x       40.19x  
Excluding investment and derivative gains/losses
     31.12x       44.83x       45.53x       42.84x       26.50x       27.48x