EX-12.01 9 j7875_ex12d01.htm EX-12.01

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

 

 

 

1998

 

1999

 

2000

 

2001

 

2002

 

Pre-tax earnings from continuing operations

 

$

1,052

 

$

1,631

 

$

2,579

 

$

1,748

 

$

1,399

 

Add: Fixed charges (excluding capitalized interest)

 

15,813

 

13,681

 

18,778

 

15,724

 

10,709

 

Pre-tax earnings before fixed charges

 

16,865

 

15,312

 

21,357

 

17,472

 

12,108

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

15,781

 

13,649

 

18,740

 

15,656

 

10,626

 

Other(a)

 

47

 

71

 

57

 

78

 

103

 

Total fixed charges

 

15,828

 

13,720

 

18,797

 

15,734

 

10,729

 

Preferred stock and trust preferred dividend requirements

 

124

 

174

 

195

 

192

 

155

 

Total combined fixed charges and preferred stock dividends

 

$

15,952

 

$

13,894

 

$

18,992

 

$

15,926

 

$

10,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

1.07

 

1.12

 

1.14

 

1.11

 

1.13

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

1.06

 

1.10

 

1.12

 

1.10

 

1.11

 

 

(a)        Other fixed charges consist of the interest factor in rentals and capitalized interest.