Exhibit 12.1
BlackRock, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
Nine months ended September 30, | Year ended December 31, | |||||||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||||||
Pre-tax income1 | $ | 970,918 | $ | 243,142 | $ | 512,065 | $ | 372,466 | $ | 195,405 | $ | 250,649 | $ | 223,948 | ||||||||||||||
Add: Fixed charges | 52,514 | 12,914 | 22,393 | 15,236 | 5,590 | 5,211 | 4,726 | |||||||||||||||||||||
Distributions from equity method investees | 15,070 | 820 | 1,939 | 2,620 | 2,276 | 3,144 | 1,008 | |||||||||||||||||||||
Less: Income from equity method investees | (55,783 | ) | (2,413 | ) | (5,659 | ) | (11,526 | ) | (2,549 | ) | (4,912 | ) | (2,098 | ) | ||||||||||||||
Pre-tax income before fixed charges | $ | 982,719 | $ | 254,463 | $ | 530,738 | $ | 378,796 | $ | 200,722 | $ | 254,092 | $ | 227,584 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 31,023 | $ | 6,021 | $ | 9,916 | $ | 7,924 | $ | 835 | $ | 720 | $ | 683 | ||||||||||||||
Interest expense on uncertain tax positions2 | 2,495 | — | — | — | — | — | — | |||||||||||||||||||||
Portion of rent representative of interest | 18,996 | 6,893 | 12,477 | 7,312 | 4,755 | 4,491 | 4,043 | |||||||||||||||||||||
Total fixed charges | $ | 52,514 | $ | 12,914 | $ | 22,393 | $ | 15,236 | $ | 5,590 | $ | 5,211 | $ | 4,726 | ||||||||||||||
Ratio of earnings to fixed charges | 18.71 | 19.70 | 23.70 | 24.86 | 35.91 | 48.76 | 48.15 | |||||||||||||||||||||
1 | Pre-tax income has been reduced by non-controlling interest. |
2 | Interest expense has been recorded within Income tax expense on the condensed consolidated statements of income. |