EX-12.01 2 a2163826zex-12_01.htm EXHIBIT 12.01

LEHMAN BROTHERS HOLDINGS INC.

EXHIBIT 12.01

Computation of Ratios of Earnings to Fixed Charges and
to Combined Fixed Charges and Preferred Stock Dividends
(Unaudited)

 
   Nine Months
Ended August 31,
2005
   Year Ended November 30
Dollars in millions
   2004
   2003
   2002
   2001
   2000
Pre-tax earnings from continuing
    operations		   $ 3,612   $ 3,518   $ 2,536   $ 1,399   $ 1,748   $ 2,579
Add: Fixed charges (excluding
    capitalized interest)		     12,622     9,773     8,724     10,709     15,724     18,778
Pre-tax earnings before fixed charges   $ 16,234   $ 13,291   $ 11,260   $ 12,108   $ 17,472   $ 21,357
Fixed charges:                                    
  Interest   $ 12,425   $ 9,674   $ 8,640   $ 10,626   $ 15,656   $ 18,740
  Other(1)     96     114     119     103     78     57
Total fixed charges     12,521     9,788     8,759     10,729     15,734     18,797
Preferred stock dividend requirements     78     129     143     155     192     195
Total combined fixed charges and
    preferred stock dividends		   $ 12,599   $ 9,917   $ 8,902   $ 10,884   $ 15,926   $ 18,992
Ratio of earnings to fixed charges     1.30     1.36     1.29     1.13     1.11     1.14

Ratio of earnings to combined fixed
    charges and preferred stock
    dividends
 
 
1.29
 
 
1.34
 
 
1.26
 
 
1.11
 
 
1.10
 
 
1.12
(1)
Other fixed charges consist of the interest factor in rentals and capitalized interest.