EX-12.1 5 y88194exv12w1.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   Six Months
      Ended May   Ended May
     
 
      2003   2002   2003   2002
     
 
 
 
Net earnings
                                
 
   $ 695     $ 563     $ 1,357     $ 1,087  
Add:
                                
 
Provision for taxes
     343       338       699       653  
 
Portion of rents representative of an interest factor
     30       29       60       59  
 
Interest expense on all indebtedness
     2,000       2,383       3,907       4,485  
 
    
     
     
     
 
Earnings, as adjusted
   $ 3,068     $ 3,313     $ 6,023     $ 6,284  
 
    
     
     
     
 
Fixed charges (1):
                                
 
Portion of rents representative of an interest factor
   $ 30     $ 29     $ 60     $ 59  
 
Interest expense on all indebtedness
     2,003       2,383       3,913       4,485  
 
    
     
     
     
 
Fixed charges
   $ 2,033     $ 2,412     $ 3,973     $ 4,544  
 
    
     
     
     
 
Ratio of earnings to fixed charges
     1.51 x     1.37 x     1.52 x     1.38 x
 
    
     
     
     
 

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