EX-12.01 2 a2167455zex-12_01.htm EXHIBIT 12.01
QuickLinks -- Click here to rapidly navigate through this document

LEHMAN BROTHERS HOLDINGS INC.
NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(Parent Company Only)


EXHIBIT 12.01

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

Dollars in millions
Year ended November 30
   2005
   2004
   2003
   2002
   2001
Pre-tax earnings from continuing
    operations		   $ 4,829   $ 3,518   $ 2,536   $ 1,399   $ 1,748
Add: Fixed charges (excluding
    capitalized interest)		     18,040     9,773     8,724     10,709     15,724
Pre-tax earnings before fixed charges   $ 22,869   $ 13,291   $ 11,260   $ 12,108   $ 17,472
Fixed charges:                              
  Interest   $ 17,790   $ 9,674   $ 8,640   $ 10,626   $ 15,656
  Other(1)     125     114     119     103     78
Total fixed charges     17,915     9,788     8,759     10,729     15,734
Preferred stock dividend requirements     101     129     143     155     192
Total combined fixed charges and
    preferred stock dividends		   $ 18,016   $ 9,917   $ 8,902   $ 10,884   $ 15,926
Ratio of earnings to fixed charges     1.28     1.36     1.29     1.13     1.11

Ratio of earnings to combined fixed
    charges and preferred stock dividends
 
 
1.27
 
 
1.34
 
 
1.26
 
 
1.11
 
 
1.10
(1)
Other fixed charges consist of the interest factor in rentals and capitalized interest.



QuickLinks