Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(dollars in millions)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||
Income before income taxes | $ | 92 | $ | 376 | $ | 1,019 | $ | 1,823 | $ | 528 | $ | 376 | $ | 200 | ||||||||||||
Less: | Net income (loss) attributable to non-controlling interests | (22 | ) | 5 | (155 | ) | 364 | 16 | 3 | 5 | ||||||||||||||||
Pre-tax income attributable to BlackRock, Inc. | 114 | 371 | 1,174 | 1,459 | 512 | 373 | 195 | |||||||||||||||||||
Add: | Fixed charges | 22 | 26 | 99 | 77 | 22 | 15 | 6 | ||||||||||||||||||
Distributions of earnings from equity method investees | 4 | 10 | 28 | 23 | 2 | 3 | 2 | |||||||||||||||||||
Less: | (Loss) earnings from equity method investees | (114 | ) | (10 | ) | (294 | ) | 84 | 6 | 12 | 3 | |||||||||||||||
Pre-tax income before fixed charges | $ | 254 | $ | 417 | $ | 1,595 | $ | 1,475 | $ | 530 | $ | 379 | $ | 200 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||||
Interest expense | $ | 15 | $ | 18 | $ | 66 | $ | 49 | $ | 10 | $ | 8 | $ | 1 | ||||||||||||
Interest expense on uncertain tax positions1 | 1 | 1 | 5 | 2 | — | — | — | |||||||||||||||||||
Portion of rent representative of interest | 6 | 7 | 28 | 26 | 12 | 7 | 5 | |||||||||||||||||||
Total fixed charges | $ | 22 | $ | 26 | $ | 99 | $ | 77 | $ | 22 | $ | 15 | $ | 6 | ||||||||||||
Ratio of earnings to fixed charges | 11.5x | 16.0x | 16.1x | 19.2x | 24.1x | 25.3x | 33.3x | |||||||||||||||||||
1 | Interest expense on uncertain tax positions, in accordance with FIN No. 48, has been recorded within income tax expense on the condensed consolidated statements of income. |