EX-12.1 5 y85129exv12w1.htm EX-12.1 STMT. RE: COMP. OF RATIOS TO FIXED CHARGES EX-12.1 STMT. RE: COMP. OF RATIOS TO FIXED CHARGES
 

Exhibit 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

($ in millions)
                     
        Three Months
        Ended February
       
        2003   2002
       
 
Net Earnings
   $ 662     $ 524  
Add:
                
   
Provisions for taxes
     356       315  
   
Portion of rents representative of an interest factor
     30       30  
   
Interest expense on all indebtedness
     1,907       2,102  
 
    
     
 
Earnings, as adjusted
   $ 2,955     $ 2,971  
 
    
     
 
Fixed charges (1):
                
   
Portion of rents representative of an interest factor
     30       30  
   
Interest expense on all indebtedness
   1,910       2,102  
 
    
     
 
Fixed charges
   $ 1,940     $ 2,132  
 
    
     
 
Ratio of earnings to fixed charges
     1.52 x     1.39 x
 
    
     
 

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