EX-12 2 a2039885zex-12.txt EXHIBIT 12 EXHIBIT 12 LEHMAN BROTHERS HOLDINGS INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN MILLIONS) (UNAUDITED)
FOR THE TWELVE MONTHS ENDED NOVEMBER 30 ---------------------------------------------------- 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- Pre-tax earnings from continuing operations........... $ 637 $ 937 $ 1,052 $ 1,631 $ 2,579 Add: Fixed charges (excluding capitalized interest)... 10,852 13,043 15,813 13,681 18,778 ------- ------- ------- ------- ------- Pre-tax earnings before fixed charges................. 11,489 13,980 16,865 15,312 21,357 ======= ======= ======= ======= ======= Fixed charges: Interest............................................ 10,816 13,010 15,781 13,649 18,740 Other(a)............................................ 50 41 47 71 57 ------- ------- ------- ------- ------- Total fixed charges................................. 10,866 13,051 15,828 13,720 18,797 ------- ------- ------- ------- ------- Preferred stock dividend requirements................. 58 109 124 174 195 ------- ------- ------- ------- ------- Total combined fixed charges and preferred stock dividends........................................... $10,924 $13,160 $15,952 $13,894 $18,992 ======= ======= ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES.................... 1.06 1.07 1.07 1.12 1.14 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS........................... 1.05 1.06 1.06 1.10 1.12
------------------------ (a) Other fixed charges consist of the interest factor in rentals and capitalized interest.