EX-12.01 3 a2108379zex-12_01.htm EXHIBIT 12.01
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EXHIBIT 12.01


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 Twelve Months Ended November 30
   For the
Three Months
Ended
Feb. 28 2003
 
   1998
   1999
   2000
   2001
   2002
Pre-tax earnings from continuing operations   $ 1,052   $ 1,631   $ 2,579   $ 1,748   $ 1,399   $ 437

Add: Fixed charges (excluding capitalized interest)
 
 
15,813
 
 
13,681
 
 
18,778
 
 
15,724
 
 
10,709
 
 
2,411
   
 
 
 
 
 

Pre-tax earnings before fixed charges
 
 
16,865
 
 
15,312
 
 
21,357
 
 
17,472
 
 
12,108
 
 
2,848
   
 
 
 
 
 

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest     15,781     13,649     18,740     15,656     10,626     2,389
  Other(a)     47     71     57     78     103     28
   
 
 
 
 
 
  Total fixed charges     15,828     13,720     18,797     15,734     10,729     2,417
   
 
 
 
 
 
Preferred stock dividend requirements     124     174     195     192     155     30
   
 
 
 
 
 
Total combined fixed charges and preferred stock dividends   $ 15,952   $ 13,894   $ 18,992   $ 15,926   $ 10,884   $ 2,447
   
 
 
 
 
 

RATIO OF EARNINGS TO FIXED CHARGES
 
 
1.07
 
 
1.12
 
 
1.14
 
 
1.11
 
 
1.13
 
 
1.18

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
1.06
 
 
1.10
 
 
1.12
 
 
1.10
 
 
1.11
 
 
1.16
(a)
Other fixed charges consist of the interest factor in rentals and capitalized interest.


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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)