Exhibit 12
BERKSHIRE HATHAWAY INC.
Statement Regarding Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges
(Dollars in millions)
Three Months Ended | Years Ended December 31, | ||||||||||||||||||||||||
March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||
Net earnings | $ | 1,363 | $ | 7,308 | $ | 8,151 | $ | 4,286 | $ | 795 | $ | 3,328 | |||||||||||||
Income tax expense | 600 | 3,569 | 3,805 | 2,059 | 590 | 1,997 | |||||||||||||||||||
Minority interests in earnings | 10 | 59 | 64 | 14 | 53 | 241 | |||||||||||||||||||
Equity in earnings of MidAmerican Energy Holdings Company | (141 | ) | (237 | ) | (429 | ) | (359 | ) | (134 | ) | (85 | ) | |||||||||||||
Fixed charges* | 204 | 875 | 614 | 840 | 1,069 | 986 | |||||||||||||||||||
Earnings available for fixed charges | $ | 2,036 | $ | 11,574 | $ | 12,205 | $ | 6,840 | $ | 2,373 | $ | 6,467 | |||||||||||||
Investment gains (losses), pretax, included in earnings available for fixed charges | $ | (106 | ) | $ | 3,496 | $ | 4,129 | $ | 918 | $ | 1,488 | $ | 4,499 | ||||||||||||
Fixed charges* | |||||||||||||||||||||||||
Interest on indebtedness (including amortization of debt discount and expense) | $ | 166 | $ | 721 | $ | 472 | $ | 725 | $ | 968 | $ | 916 | |||||||||||||
Rentals representing interest | 38 | 154 | 142 | 115 | 101 | 70 | |||||||||||||||||||
$ | 204 | $ | 875 | $ | 614 | $ | 840 | $ | 1,069 | $ | 986 | ||||||||||||||
Ratio of earnings to fixed charges* | 9.98 | x | 13.23 | x | 19.88 | x | 8.14 | x | 2.22 | x | 6.56 | x | |||||||||||||
Ratio of earnings, excluding investment gains (losses), to fixed charges* | 10.50 | x | 9.23 | x | 13.15 | x | 7.05 | x | 0.83 | x | 2.00 | x | |||||||||||||
* | Includes fixed charges of finance businesses. Fixed charges of finance businesses were as follows: |
Three Months Ended | Years Ended December 31, | |||||||||||||||||||||||
March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
$ | 140 | $ | 602 | $ | 337 | $ | 551 | $ | 775 | $ | 786 |
Excluding fixed charges of finance businesses the ratios of earnings to fixed charges were as follows:
Three Months Ended | Years Ended December 31, | |||||||||||||||||||||||
March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Including investment gains (losses) | 29.63 | x | 40.19 | x | 42.84 | x | 21.76 | x | 5.44 | x | 28.41 | x | ||||||||||||
Excluding investment gains (losses) | 31.28 | x | 27.38 | x | 27.94 | x | 18.58 | x | 0.37 | x | 5.91 | x |