EX-12.1 19 y81914exv12w1.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
 
                                                 
            One Month
    Year Ended
 		      Ended
    December   Year Ended November   December
    2009   2008   2007   2006   2005   2008
    ($ in millions)
Net earnings/(loss)
  $ 13,385     $ 2,322     $ 11,599     $ 9,537     $ 5,626     $ (780 )
Add:
                                               
Provision/(benefit) for taxes
    6,444       14       6,005       5,023       2,647       (478 )
Portion of rents representative of an interest factor
    145       146       137       135       119       13  
Interest expense on all indebtedness
    6,500       31,357       41,981       31,688       18,153       1,002  
                                                 
                                                 
Pre-tax earnings/(loss), as adjusted
  $ 26,474     $ 33,839     $ 59,722     $ 46,383     $ 26,545     $ (243 )
                                                 
                                                 
Fixed charges(1):
                                               
Portion of rents representative of an interest factor
  $ 145     $ 146     $ 137     $ 135     $ 119     $ 13  
Interest expense on all indebtedness
    6,570       31,444       42,051       31,755       18,161       1,008  
                                                 
                                                 
Total fixed charges
  $ 6,715     $ 31,590     $ 42,188     $ 31,890     $ 18,280     $ 1,021  
                                                 
                                                 
Preferred stock dividend requirements
    1,767       283       291       212       25       400  
                                                 
Total combined fixed charges and preferred stock dividends
  $ 8,482     $ 31,873     $ 42,479     $ 32,102     $ 18,305     $ 1,421  
                                                 
                                                 
Ratio of earnings to fixed charges
    3.94 x     1.07 x     1.42 x     1.45 x     1.45 x     N/A(2 )
                                                 
                                                 
Ratio of earnings to combined fixed charges and preferred stock dividends
    3.12 x     1.06 x     1.41 x     1.44 x     1.45 x     N/A(2 )
                                                 
 
 
(1)  Fixed charges include capitalized interest of $70 million, $87 million, $70 million, $67 million, $8 million and $6 million for years ended December 2009, November 2008, November 2007, November 2006 and November 2005 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.