EX-12 13 a95961exv12.txt EXHIBIT 12 EXHIBIT 12 Berkshire Hathaway Inc. Statement Regarding Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges (Dollars in millions)
Nine Months Ended Years Ended December 31, ------------------ ------------------------------------------------ September 30, 2003 2002 2001 2000 1999 1998 ------------------ ------- ------- ------- ------ ------ Net earnings $ 5,765 $ 4,286 $ 795 $ 3,328 $1,557 $2,830 Income tax expense 2,649 2,060 590 1,997 852 1,457 Minority interests in earnings 53 14 53 241 41 27 Equity in earnings of MidAmerican Energy Holdings Company (330) (360) (134) (85) - - Fixed charges * 444 837 1,069 986 773 163 ------- ------- ------- ------- ------ ------ Earnings available for fixed charges $ 8,581 $ 6,837 $ 2,373 $ 6,467 $3,223 $4,477 ======= ======= ======= ======= ====== ====== Realized investment gains, pre-tax, included in earnings available for fixed charges $ 2,848 $ 918 $ 1,488 $ 4,499 $1,247 $2,584 ======= ======= ======= ======= ====== ====== Fixed charges * Interest on indebtedness (including amortization of debt discount and expense) $ 354 $ 725 $ 968 $ 916 $ 715 $ 130 Rentals representing interest 90 112 101 70 58 33 ------- ------- ------- ------- ------ ------ $ 444 $ 837 $ 1,069 $ 986 $ 773 $ 163 ======= ======= ======= ======= ====== ====== Ratio of earnings to fixed charges * 19.33x 8.17x 2.22x 6.56x 4.17x 27.47x ======= ======= ======= ======= ====== ====== Ratio of earnings, excluding realized investment gains, to fixed charges * 12.91x 7.07x 0.83x 2.00x 2.56x 11.61x ======= ======= ======= ======= ====== ======
------------- * Includes fixed charges of finance businesses. Fixed charges of finance businesses were as follows:
Nine Months Ended Years Ended December 31, ------------------ ------------------------------------------------ September 30, 2003 2002 2001 2000 1999 1998 ------------------ ------- ------- ------- ------ ------ $ 242 $ 536 $ 762 $ 774 $ 586 $ 21
Excluding fixed charges of finance businesses the ratios of earnings to fixed charges were as follows:
Nine Months Ended Years Ended December 31, ------------------ ------------------------------------------------ September 30, 2003 2002 2001 2000 1999 1998 ------------------ ------- ------- ------- ------ ------ Including realized investment gains 41.28x 20.93x 5.25x 26.85x 14.10x 31.38x Excluding realized investment gains 27.18x 17.88x 0.40x 5.63x 7.43x 13.18x