EX-12.01 2 a04-7816_1ex12d01.htm EX-12.01

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 Twelve Months Ended November 30

 

For the
Six
Months
Ended
May 31
2004 

 

 

 

 

 

 

1999

 

2000

 

2001

 

2002

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax earnings from continuing operations

 

$

1,631

 

$

2,579

 

$

1,748

 

$

1,399

 

$

2,536

 

$

1,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Fixed charges (excluding capitalized interest)

 

13,681

 

18,778

 

15,724

 

10,709

 

8,724

 

4,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax earnings before fixed charges

 

15,312

 

21,357

 

17,472

 

12,108

 

11,260

 

6,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

13,649

 

18,740

 

15,656

 

10,626

 

8,640

 

4,283

 

Other (a)

 

71

 

57

 

78

 

103

 

119

 

62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

13,720

 

18,797

 

15,734

 

10,729

 

8,759

 

4,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend requirements

 

174

 

195

 

192

 

155

 

143

 

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total combined fixed charges and preferred stock dividends

 

$

13,894

 

$

18,992

 

$

15,926

 

$

10,884

 

$

8,902

 

$

4,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

1.12

 

1.14

 

1.11

 

1.13

 

1.29

 

1.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

1.10

 

1.12

 

1.10

 

1.11

 

1.26

 

1.41

 

 

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