EX-12.1 3 e18332exv12w1.htm EX-12.1: STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS EX-12.1
 

EXHIBIT 12.1
THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
($ in millions)
                                         
    Three Months        
    Ended        
    February     Year Ended November  
    2006     2005     2004     2003     2002  
Net earnings
   $ 2,479     $ 5,626     $ 4,553     $ 3,005     $ 2,114  
Add:
                                        
Provision for taxes
     1,210       2,647       2,123       1,440       1,139  
Portion of rents representative of an interest factor
     32       119       118       120       120  
Interest expense on all indebtedness
     6,813       18,153       8,888       7,600       8,868  
 
                            
Pre-tax earnings, as adjusted
   $ 10,534     $ 26,545     $ 15,682     $ 12,165     $ 12,241  
 
                              
Fixed charges (1):
                                        
Portion of rents representative of an interest factor
     32       119       118       120       122  
Interest expense on all indebtedness
     6,829       18,161       8,893       7,613       8,874  
 
                              
Fixed charges
   $ 6,861     $ 18,280     $ 9,011     $ 7,733     $ 8,996  
 
                              
Preferred stock dividend requirements
     39       25       —       —       —  
Total combined fixed charges and preferred stock dividends
   $ 6,900     $ 18,305     $ 9,011     $ 7,733     $ 8,996  
 
                              
Ratio of earnings to fixed charges
     1.54x       1.45x       1.74x       1.57x       1.36x  
 
                              
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.53x       1.45x       —       —       —  
 
                              
 
(1)   Fixed charges include capitalized interest of $16 million, $8 million, $5 million, $13 million and $6 million as of February 24, 2006, November 25, 2005, November 26, 2004, November 28, 2003 and November 29, 2002, respectively.