EX-12 2 a06-23286_1ex12.htm EX-12

Exhibit 12

CREDIT SUISSE (USA), INC. AND SUBSIDIARIES

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

(In millions, except for ratio)

 

 

 

For the
Nine
Months
Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

September

 

For the Year Ended

 

 

 

30,

 

December 31,

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision (benefit) for income taxes(1)

 

$

3,464

 

$

1,141

 

$

1,826

 

$

569

 

$

(481

)

$

(464

)

Add: Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (gross)

 

12,792

 

10,996

 

5,731

 

4,447

 

5,436

 

9,923

 

Interest factor in rents

 

134

 

168

 

161

 

159

 

167

 

187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges from continuing operations

 

12,926

 

11,164

 

5,892

 

4,606

 

5,603

 

10,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtract: Minority interests (2)

 

1,989

 

959

 

642

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges and provision for income taxes

 

$

14,401

 

$

11,346

 

$

7,076

 

$

5,175

 

$

5,122

 

$

9,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.11

 

1.02

 

1.20

 

1.12

 

0.91

(3)

0.95

(4)

 

(1)                     Income (loss) from continuing operations before provision (benefit) for income taxes, minority interests, discontinued operations and cumulative effect of change in accounting principle.

(2)                     Related to the Company’s consolidation of certain private equity funds.

(3)                     The dollar amount of the deficiency in the ratio of earnings to fixed charges was $481 million for the year ended December 31, 2002.

(4)                     The dollar amount of the deficiency in the ratio of earnings to fixed charges was $464 million for the year ended December 31, 2001.