EX-99 8 f03-12_178kexh996.txt EXHIBIT 99.6 RECONCILIATION OF COMON LEHMAN BROTHERS HOLDINGS INC. EXHIBIT 99.6 RECONCILIATION OF COMMON STOCKHOLDERS' EQUITY TO TANGIBLE COMMON STOCKHOLDERS' EQUITY (Preliminary and Unaudited) (In millions)
Average for the Year Ended ----------------------------------------------------- November 30, 2003 November 30, 2002 ----------------------- ------------------------ Common stockholders' equity $9,061 $8,073 Less: Goodwill and identifiable intangible assets 460 191 ----------------------- ------------------------ Tangible common stockholders' equity $8,601 $7,882 ======================= ======================== Average for the Quarter Ended -------------------------------------------------------------------------------- Nov 30 Aug 31 May 31 Feb 28 Nov 30 2003 2003 2003 2003 2002 ---------------- ----------- ------------- ------------ ------------ Common stockholders' equity $9,835 $9,083 8,696 $8,350 $8,226 Less: Goodwill and identifiable intangible assets 809 241 235 225 205 ---------------- ----------- ------------- ------------ ------------ Tangible common stockholders' equity $9,026 $8,842 $8,461 $8,125 $8,021 ================ =========== ============= ============ ============
Tangible common stockholders' equity equals total common stockholders' equity less goodwill and identifiable intangible assets. Management believes that tangible common stockholders' equity is a meaningful measure because it reflects the common stockholders' equity deployed in the Firm's businesses. Annualized return on average tangible common stockholders' equity is computed by dividing annualized net income applicable to common stock for the period by average tangible common stockholders' equity.