EX-12.01 3 a2133595zex-12_01.htm EXHIBIT 12.01
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EXHIBIT 12.01

LEHMAN BROTHERS HOLDINGS INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
(Unaudited)

 
    
    
    
    
    
   For the Three Months Ended Feb. 29 2004
 
   For the Twelve Months Ended November 30
 
   1999
   2000
   2001
   2002
   2003
Pre-tax earnings from continuing operations   $ 1,631   $ 2,579   $ 1,748   $ 1,399   $ 2,536   $ 1,032

Add: Fixed charges (excluding capitalized interest)
 
 
13,681
 
 
18,778
 
 
15,724
 
 
10,709
 
 
8,724
 
 
2,019
   
 
 
 
 
 

Pre-tax earnings before fixed charges
 
 
15,312
 
 
21,357
 
 
17,472
 
 
12,108
 
 
11,260
 
 
3,051
   
 
 
 
 
 

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest     13,649     18,740     15,656     10,626     8,640     1,981
  Other(a)     71     57     78     103     119     27
   
 
 
 
 
 
  Total fixed charges     13,720     18,797     15,734     10,729     8,759     2,008
   
 
 
 
 
 

Preferred stock dividend requirements
 
 
174
 
 
195
 
 
192
 
 
155
 
 
143
 
 
49
   
 
 
 
 
 

Total combined fixed charges and preferred stock dividends
 
$
13,894
 
$
18,992
 
$
15,926
 
$
10,884
 
$
8,902
 
$
2,057
   
 
 
 
 
 

RATIO OF EARNINGS TO FIXED CHARGES
 
 
1.12
 
 
1.14
 
 
1.11
 
 
1.13
 
 
1.29
 
 
1.52

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
1.10
 
 
1.12
 
 
1.10
 
 
1.11
 
 
1.26
 
 
1.48
(a)
Other fixed charges consist of the interest factor in rentals and capitalized interest.


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