EX-12 4 v98457a1exv12.txt EXHIBIT 12 EXHIBIT 12 Berkshire Hathaway Inc. Statement Regarding Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges (Dollars in millions)
Six Months Ended Years Ended December 31, -------------- ------------------------------------------------ June 30, 2004 2003 2002 2001 2000 1999 -------------- ------ ------- ------- ------- ------ Net earnings $ 2,832 $ 8,151 $ 4,286 $ 795 $ 3,328 $1,557 Income tax expense 1,350 3,805 2,059 590 1,997 852 Minority interests in earnings 32 64 14 53 241 41 Equity in earnings of MidAmerican Energy Holdings Company (209) (429) (359) (134) (85) - Fixed charges * 553 614 840 1,069 986 773 ------- ------- ------- ------- ------- ------ Earnings available for fixed charges $ 4,558 $12,205 $ 6,840 $ 2,373 $ 6,467 $3,223 ======= ======= ======= ======= ======= ====== Investment gains, pre-tax, included in earnings available for fixed charges $ 385 $ 4,129 $ 918 $ 1,488 $ 4,499 $1,247 ======= ======= ======= ======= ======= ====== Fixed charges * Interest on indebtedness (including amortization of debt discount and expense) $ 478 $ 472 $ 725 $ 968 $ 916 $ 715 Rentals representing interest 75 142 115 101 70 58 ------- ------- ------- ------- ------- ------ $ 553 $ 614 $ 840 $ 1,069 $ 986 $ 773 ======= ======= ======= ======= ======= ====== Ratio of earnings to fixed charges * 8.24x 19.88x 8.14x 2.22x 6.56x 4.17x ======= ======= ======= ======= ======= ====== Ratio of earnings, excluding investment gains, to fixed charges * 7.55x 13.15x 7.05x 0.83x 2.00x 2.56x ======= ======= ======= ======= ======= ======
------------- * Includes fixed charges of finance businesses. Fixed charges of finance businesses were as follows:
Six Months Ended Years Ended December 31, -------------- ------------------------------------------------- June 30, 2004 2003 2002 2001 2000 1999 -------------- ------ ------- ------- ------- ------ $ 418 $ 337 $ 551 $ 775 $ 786 $ 586
Excluding fixed charges of finance businesses the ratios of earnings to fixed charges were as follows:
Six Months Ended Years Ended December 31, -------------- ------------------------------------------------- June 30, 2004 2003 2002 2001 2000 1999 -------------- ------ ------- ------- ------- ------ Including investment gains 30.67x 42.84x 21.76x 5.44x 28.41x 14.10x Excluding investment gains 27.81x 27.94x 18.58x 0.37x 5.91x 7.43x