EX-12.1 3 y81145exv12w1.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 exv12w1
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   Year Ended    
    Ended June   December   Year Ended November
    2010   2009   2008   2007   2006
    ($ in millions)
Net earnings
   $ 4,069     $ 13,385     $ 2,322     $ 11,599     $ 9,537  
Add:
                                        
Provision for taxes
     2,538       6,444       14       6,005       5,023  
Portion of rents representative of an interest factor
     82       145       146       137       135  
Interest expense on all indebtedness
     3,266       6,500       31,357       41,981       31,688  
 
                                        
 
                                        
Pre-tax earnings, as adjusted
   $ 9,955     $ 26,474     $ 33,839     $ 59,722     $ 46,383  
 
                                        
 
                                        
Fixed charges(1):
                                        
Portion of rents representative of an interest factor
   $ 82     $ 145     $ 146     $ 137     $ 135  
Interest expense on all indebtedness
     3,270       6,570       31,444       42,051       31,755  
 
                                        
 
                                        
Total fixed charges
   $ 3,352     $ 6,715     $ 31,590     $ 42,188     $ 31,890  
 
                                        
 
                                        
Preferred stock dividend requirements
     520       1,767       283       291       212  
 
                                        
Total combined fixed charges and preferred stock dividends
   $ 3,872     $ 8,482     $ 31,873     $ 42,479     $ 32,102  
 
                                        
 
                                        
Ratio of earnings to fixed charges
     2.97 x     3.94 x     1.07 x     1.42 x     1.45 x
 
                                        
 
                                        
Ratio of earnings to combined fixed charges and preferred stock dividends
     2.57 x     3.12 x     1.06 x     1.41 x     1.44 x
 
                                        
 
(1)   Fixed charges include capitalized interest of $4 million, $70 million, $87 million, $70 million and $67 million for the six months ended June 2010 and years ended December 2009, November 2008, November 2007 and November 2006, respectively.