EX-12.1 8 y83718exv12w1.htm EX-12.1 STATEMENT RE COMPUTATION OF RATIOS EX-12.1 STATEMENT RE COMPUTATION OF RATIOS
 

EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ in millions)

                                           
      Year Ended November
     
      2002   2001   2000   1999   1998
     
 
 
 
 
Net earnings
   $ 2,114     $ 2,310     $ 3,067     $ 2,708     $ 2,428  
Add:
                                        
 
Provision for taxes
     1,139       1,386       1,953       (716 )     493  
 
Portion of rents representative of an interest factor
     120       111       80       51       35  
 
Interest expense on all indebtedness
     8,868       15,327       16,410       12,018       13,958  
 
    
     
     
     
     
 
Earnings, as adjusted
   $ 12,241     $ 19,134     $ 21,510     $ 14,061     $ 16,914  
 
    
     
     
     
     
 
Fixed charges(1):
                                        
 
Portion of rents representative of an interest factor
   $ 122     $ 111     $ 80     $ 51     $ 35  
 
Interest expense on all indebtedness
     8,874       15,327       16,410       12,018       13,958  
 
    
     
     
     
     
 
Fixed charges
   $ 8,996     $ 15,438     $ 16,490     $ 12,069     $ 13,993  
 
    
     
     
     
     
 
Ratio of earnings to fixed charges
     1.36 x     1.24 x     1.30 x     1.16 x     1.21 x
 
    
     
     
     
     
 

(1)   Fixed charges include capitalized interest and the interest factor of capitalized rent.