EX-12.1 3 file002.txt COMPUTATION OF RATIOS OF EARNINGS EXHIBIT 12.1 LEHMAN BROTHERS HOLDINGS INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN MILLIONS) (UNAUDITED)
For the Nine Months Ended For the Twelve Months Ended November 30 Aug. 31 ------------------------------------------------------ ----------- 1996 1997 1998 1999 2000 2001 ---------- ---------- ---------- ---------- ---------- ----------- Pre-tax earnings from continuing operations $ 637 $ 937 $ 1,052 $ 1,631 $ 2,579 $ 1,633 Add: Fixed charges (excluding capitalized interest) 10,852 13,043 15,813 13,681 18,778 12,606 ------ ------ ------ ------ ------ ------ Pre-tax earnings before fixed charges 11,489 13,980 16,865 15,312 21,357 14,239 ====== ====== ====== ====== ====== ====== Fixed charges: Interest 10,816 13,010 15,781 13,649 18,740 12,560 Other (a) 50 41 47 71 57 57 ------ ------ ------ ------ ------ ------ Total fixed charges 10,866 13,051 15,828 13,720 18,797 12,617 ------ ------ ------ ------ ------ ------ Preferred stock dividend requirements 58 109 124 174 195 164 ------ ------ ------ ------ ------ ------ Total combined fixed charges and preferred stock dividends $ 10,924 $ 13,160 $ 15,952 $ 13,894 $ 18,992 $ 12,781 ======== ======== ======== ======== ======== ======== RATION OF EARNINGS TO FIXED CHARGES 1.06 1.07 1.07 1.12 1.14 1.13 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.05 1.06 1.06 1.10 1.12 1.11
(a) Other fixed charges consist of the interest factor in rentals and capitalized interest.