Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(dollars in millions)
December 31, | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
Income before income taxes | $ | 1,016 | $ | 1,820 | $ | 525 | $ | 372 | $ | 200 | ||||||
Less: Net income (loss) attributable to non-controlling interests2 | (155 | ) | 364 | 16 | 3 | 5 | ||||||||||
Pre-tax income attributable to BlackRock, Inc. | 1,171 | 1,456 | 509 | 369 | 195 | |||||||||||
Add: Fixed charges | 102 | 80 | 25 | 18 | 6 | |||||||||||
Distributions from earnings from equity method investees | 28 | 23 | 2 | 3 | 2 | |||||||||||
Less: (Loss) earnings from equity method investees | (294 | ) | 84 | 6 | 12 | 3 | ||||||||||
Pre-tax income before fixed charges | $ | 1,595 | $ | 1,475 | $ | 530 | $ | 378 | $ | 200 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 69 | $ | 52 | $ | 13 | $ | 11 | $ | 1 | ||||||
Interest expense on uncertain tax positions1 | 5 | 2 | — | — | — | |||||||||||
Portion of rent representative of interest | 28 | 26 | 12 | 7 | 5 | |||||||||||
Total fixed charges | $ | 102 | $ | 80 | $ | 25 | $ | 18 | $ | 6 | ||||||
Ratio of earnings to fixed charges | 15.6x | 18.4x | 21.2x | 21.0x | 33.3x | |||||||||||
1 | Interest expense on uncertain tax positions, in accordance with FIN No. 48, has been recorded within income tax expense on the consolidated statements of income. |
2 | Includes redeemable and nonredeemable non-controlling interests. |