EX-12.1 16 d276319dex121.htm STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS Statement re: Computation of Ratios of Earnings to Fixed Charges and Ratios

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

 

    Year Ended December     Year Ended November     One Month
Ended
December		  
$ in millions   2011            2010            2009            2008            2007            2008  

Net earnings/(loss)

   $ 4,442              $ 8,354              $ 13,385              $ 2,322              $ 11,599              $ (780 ) 

Add:

                      

Provision/(benefit) for taxes

     1,727                4,538                6,444                14                6,005                (478 ) 

Portion of rents representative of an interest factor

     159                169                145                146                137                13   

Interest expense on all indebtedness

     7,982                6,806                6,500                31,357                41,981                1,002   

Pre-tax earnings/(loss), as adjusted

   $ 14,310              $ 19,867              $ 26,474              $ 33,839              $ 59,722              $ (243 ) 

Fixed charges 1:

                      

Portion of rents representative of an interest factor

   $ 159              $ 169              $ 145              $ 146              $ 137              $ 13   

Interest expense on all indebtedness

     7,987                6,810                6,570                31,444                42,051                1,008   

Total fixed charges

   $ 8,146              $ 6,979              $ 6,715              $ 31,590              $ 42,188              $ 1,021   

Preferred stock dividend requirements

     2,683                989                1,767                283                291                400   

Total combined fixed charges and preferred stock dividends

   $ 10,829              $ 7,968              $ 8,482              $ 31,873              $ 42,479              $ 1,421   

Ratio of earnings to fixed charges

     1.76        x        2.85        x        3.94        x        1.07        x        1.42        x        N/A  2 

Ratio of earnings to combined fixed charges and preferred stock dividends

     1.32        x        2.49        x        3.12        x        1.06        x        1.41        x        N/A  2 

 

1.

Fixed charges include capitalized interest of $5 million, $4 million, $70 million, $87 million, $70 million and $6 million for the years ended December 2011, December 2010, December 2009, November 2008, November 2007 and one month ended December 2008, respectively.

 

2.

Earnings for the one month ended December 2008 were inadequate to cover total fixed charges and total combined fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges and total combined fixed charges and preferred stock dividends were $1.26 billion and $1.66 billion, respectively.