EX-12.01 2 a08-18147_1ex12d01.htm EX-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)

 

 

 

Six Months Ended

 

Year Ended November 30,

 

Dollars in millions

 

May 31, 2008

 

2007

 

2006

 

2005

 

2004

 

Pre-tax earnings from continuing operations

 

$

(3,424

)

$

6,013

 

$

5,905

 

$

4,829

 

$

3,518

 

Add: Fixed charges (excluding capitalized interest)

 

15,595

 

39,799

 

29,323

 

18,040

 

9,773

 

Pre-tax earnings before fixed charges

 

$

12,171

 

$

45,812

 

$

35,228

 

$

22,869

 

$

13,291

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

15,771

 

$

39,746

 

$

29,126

 

$

17,790

 

$

9,674

 

Other (1)

 

77

 

132

 

108

 

125

 

114

 

Total fixed charges

 

15,848

 

39,878

 

29,234

 

17,915

 

9,788

 

Preferred stock dividend requirements

 

178

 

97

 

98

 

101

 

129

 

Total combined fixed charges and preferred stock
dividends

 

$

16,026

 

$

39,975

 

$

29,332

 

$

18,016

 

$

9,917

 

Ratio of earnings to fixed charges

 

0.77

 

1.15

 

1.21

 

1.28

 

1.36

 

Ratio of earnings to combined fixed charges and
preferred stock dividends

 

0.76

 

1.15

 

1.20

 

1.27

 

1.34

 

 

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