EX-12.1 2 y40224exv12w1.htm EX-12.1: STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND 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)
 
                                         
    Nine Months
 		       
    Ended August     Year Ended November  
   
2007
   
2006
   
2005
   
2004
   
2003
 
 
Net earnings
  $ 8,384     $ 9,537     $ 5,626     $ 4,553     $ 3,005  
Add:
                                       
Provision for taxes
    4,165       5,023       2,647       2,123       1,440  
Portion of rents representative of an interest factor
    102       135       119       118       120  
Interest expense on all indebtedness
    31,188       31,688       18,153       8,888       7,600  
                                         
Pre-tax earnings, as adjusted
  $ 43,839     $ 46,383     $ 26,545     $ 15,682     $ 12,165  
                                         
Fixed charges (1):
                                       
Portion of rents representative of an interest factor
    102       135       119       118       120  
Interest expense on all indebtedness
    31,238       31,755       18,161       8,893       7,613  
                                         
Fixed charges
  $ 31,340     $ 31,890     $ 18,280     $ 9,011     $ 7,733  
                                         
Preferred stock dividend requirements
    214       212       25       —       —  
Total combined fixed charges and preferred stock dividends
  $ 31,554     $ 32,102     $ 18,305     $ 9,011     $ 7,733  
                                         
Ratio of earnings to fixed charges
    1.40 x     1.45 x     1.45 x     1.74 x     1.57 x
                                         
Ratio of earnings to combined fixed charges and preferred stock dividends
    1.39 x     1.44 x     1.45 x     —       —  
                                         
 
(1) Fixed charges include capitalized interest of $50 million, $67 million, $8 million, $5 million and $13 million as of August 2007, November 2006, November 2005, November 2004 and November 2003, respectively.