EX-12.01 3 a2114692zex-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
Six
Months
Ended
May 31
2003
 
   For the Twelve Months Ended November 30
 
   1998
   1999
   2000
   2001
   2002
Pre-tax earnings from continuing operations   $ 1,052   $ 1,631   $ 2,579   $ 1,748   $ 1,399   $ 1,065

Add: Fixed charges (excluding capitalized interest)
 
 
15,813
 
 
13,681
 
 
18,778
 
 
15,724
 
 
10,709
 
 
4,610
   
 
 
 
 
 

Pre-tax earnings before fixed charges
 
 
16,865
 
 
15,312
 
 
21,357
 
 
17,472
 
 
12,108
 
 
5,675
   
 
 
 
 
 

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest     15,781     13,649     18,740     15,656     10,626     4,568
  Other(a)     47     71     57     78     103     56
   
 
 
 
 
 
 
Total fixed charges
 
 
15,828
 
 
13,720
 
 
18,797
 
 
15,734
 
 
10,729
 
 
4,624
   
 
 
 
 
 
Preferred stock dividend requirements     124     174     195     192     155     64
   
 
 
 
 
 

Total combined fixed charges and preferred stock dividends
 
$
15,952
 
$
13,894
 
$
18,992
 
$
15,926
 
$
10,884
 
$
4,688
   
 
 
 
 
 

RATIO OF EARNINGS TO FIXED CHARGES
 
 
1.07
 
 
1.12
 
 
1.14
 
 
1.11
 
 
1.13
 
 
1.23

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
1.06
 
 
1.10
 
 
1.12
 
 
1.10
 
 
1.11
 
 
1.21
(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)