EX-12.1 2 y03179exv12w1.htm EX-12.1: STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1
 

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
    2004
   2003
   2004
   2003
Net earnings
                                
 
   $ 879     $ 677     $ 3,359     $ 2,034  
Add:
                                
Provision for taxes
     414       303       1,603       1,002  
Portion of rents representative of an interest factor
     29       30       89       90  
Interest expense on all indebtedness
     2,156       1,922       6,067       5,829  
 
    
 		      
 		      
 		      
 		  
Earnings, as adjusted
   $ 3,478     $ 2,932     $ 11,118     $ 8,955  
 
    
 		      
 		      
 		      
 		  
Fixed charges(1):
                                
Portion of rents representative of an interest factor
   $ 29     $ 30     $ 89     $ 90  
Interest expense on all indebtedness
     2,156       1,926       6,073       5,839  
 
    
 		      
 		      
 		      
 		  
Fixed charges
   $ 2,185     $ 1,956     $ 6,162     $ 5,929  
 
    
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges
     1.59 x     1.50 x     1.80 x     1.51 x
 
    
 		      
 		      
 		      
 		  

(1)   Fixed charges include capitalized interest.