EX-12.1 4 y90439exv12w1.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)
                                   
      Three Months   Nine Months
      Ended August   Ended August
     
 
      2003   2002   2003   2002
     
 
 
 
Net earnings
   $ 677     $ 522     $ 2,034     $ 1,609  
 
Add:
                                
 
Provision for taxes
     303       272       1,002       925  
 
Portion of rents representative of an interest factor
     30       31       90       91  
 
Interest expense on all indebtedness
     1,922       2,223       5,829       6,708  
 
    
     
     
     
 
Earnings, as adjusted
   $ 2,932     $ 3,048     $ 8,955     $ 9,333  
 
    
     
     
     
 
Fixed charges (1):
                                
 
Portion of rents representative of an interest factor
   $ 30     $ 31     $ 90     $ 91  
 
Interest expense on all indebtedness
     1,926       2,223       5,839       6,708  
 
    
     
     
     
 
Fixed charges
   $ 1,956     $ 2,254     $ 5,929     $ 6,799  
 
    
     
     
     
 
Ratio of earnings to fixed charges
     1.50x       1.35x       1.51x       1.37x  
 
    
     
     
     
 

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