EX-12.1 2 e07342exv12w1.htm EX-12.1: STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EX-12.1
 

EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

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

                 
    Three Months
    Ended February
    2005
   2004
Net earnings
  $ 1,512     $ 1,293  
Add:
                
Provision for taxes
     633       636  
Portion of rents representative of an interest factor
     28       31  
Interest expense on all indebtedness
     3,449       1,873  
 
    
 		      
 		  
Earnings, as adjusted
   $ 5,622     $ 3,833  
 
    
 		      
 		  
Fixed charges (1):
                
Portion of rents representative of an interest factor
   $ 28     $ 31  
Interest expense on all indebtedness
     3,449       1,877  
 
    
 		      
 		  
Fixed charges
   $ 3,477     $ 1,908  
 
    
 		      
 		  
Ratio of earnings to fixed charges
     1.62 x     2.01 x
 
    
 		      
 		  

(1)   Fixed charges include capitalized interest.