EX-12 2 v07495a1exv12.htm EXHIBIT 12 exv12
 

Exhibit 12

BERKSHIRE HATHAWAY INC.
Statement Regarding Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges
(Dollars in millions)

                                                 
    Three Months Ended   Years Ended December 31,  
    March 31, 2005   2004     2003     2002     2001     2000  
Net earnings
   $ 1,363     $ 7,308     $ 8,151     $ 4,286     $ 795     $ 3,328  
Income tax expense
     600       3,569       3,805       2,059       590       1,997  
Minority interests in earnings
     10       59       64       14       53       241  
Equity in earnings of MidAmerican Energy Holdings Company
     (141 )     (237 )     (429 )     (359 )     (134 )     (85 )
Fixed charges*
     204       875       614       840       1,069       986  
 
                                      
 
Earnings available for fixed charges
   $ 2,036     $ 11,574     $ 12,205     $ 6,840     $ 2,373     $ 6,467  
 
                                    
 
                                                
Investment gains (losses), pretax, included in earnings available for fixed charges
   $ (106 )   $ 3,496     $ 4,129     $ 918     $ 1,488     $ 4,499  
 
                                    
 
                                                
Fixed charges*
                                                
Interest on indebtedness (including amortization of debt discount and expense)
   $ 166     $ 721     $ 472     $ 725     $ 968     $ 916  
 
Rentals representing interest
     38       154       142       115       101       70  
 
                                    
 
   $ 204     $ 875     $ 614     $ 840     $ 1,069     $ 986  
 
                                    
 
                                                
Ratio of earnings to fixed charges*
     9.98 x      13.23 x      19.88 x      8.14 x      2.22 x      6.56 x 
 
                                    
 
                                                
Ratio of earnings, excluding investment gains (losses), to fixed charges*
     10.50 x      9.23 x      13.15 x      7.05 x      0.83 x      2.00 x 
 
                                    

*   Includes fixed charges of finance businesses. Fixed charges of finance businesses were as follows:
                                                 
    Three Months Ended   Years Ended December 31,
    March 31, 2005   2004     2003     2002     2001     2000  
 
   $ 140     $ 602     $ 337     $ 551     $ 775     $ 786  

     Excluding fixed charges of finance businesses the ratios of earnings to fixed charges were as follows:

                                                 
    Three Months Ended   Years Ended December 31,
    March 31, 2005   2004     2003     2002     2001     2000  
Including investment gains (losses)
     29.63 x     40.19 x     42.84 x     21.76 x     5.44 x     28.41 x
Excluding investment gains (losses)
     31.28 x     27.38 x     27.94 x     18.58 x     0.37 x     5.91 x