EX-12.1 2 y61922exv12w1.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
 
                                         
    Six Months
 		   
    Ended May   Year Ended November
    2008   2007   2006   2005   2004
    ($ in millions)
Net earnings
  $ 3,598     $ 11,599     $ 9,537     $ 5,626     $ 4,553  
Add:
                                       
Provision for taxes
    1,377       6,005       5,023       2,647       2,123  
Portion of rents representative of an interest factor
    72       137       135       119       118  
Interest expense on all indebtedness
    18,515       41,981       31,688       18,153       8,888  
                                         
                                         
Pre-tax earnings, as adjusted
  $ 23,562     $ 59,722     $ 46,383     $ 26,545     $ 15,682  
                                         
                                         
Fixed charges (1):
                                       
Portion of rents representative of an interest factor
  $ 72     $ 137     $ 135     $ 119     $ 118  
Interest expense on all indebtedness
    18,554       42,051       31,755       18,161       8,893  
                                         
                                         
Fixed charges
  $ 18,626     $ 42,188     $ 31,890     $ 18,280     $ 9,011  
                                         
                                         
Preferred stock dividend requirements
    110       291       212       25       —  
                                         
Total combined fixed charges and preferred stock dividends
  $ 18,736     $ 42,479     $ 32,102     $ 18,305     $ 9,011  
                                         
                                         
Ratio of earnings to fixed charges
    1.27 x     1.42 x     1.45 x     1.45 x     1.74 x
                                         
                                         
Ratio of earnings to combined fixed charges and preferred stock dividends
    1.26 x     1.41 x     1.44 x     1.45 x     —  
                                         
 
 
(1)  Fixed charges include capitalized interest of $39 million, $70 million, $67 million, $8 million and $5 million as of May 2008, November 2007, November 2006, November 2005 and November 2004, respectively.