Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(dollars in millions)
Nine Months Ended September 30, | Year Ended December 31, | ||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||
Income before income taxes | $ | 865 | $ | 1,090 | $ | 1,016 | $ | 1,820 | $ | 525 | $ | 373 | $ | 200 | |||||||||
Less: Net income (loss) attributable to non-controlling interests1 | 21 | (36 | ) | (155 | ) | 364 | 16 | 3 | 5 | ||||||||||||||
Pre-tax income attributable to BlackRock, Inc. | 844 | 1,126 | 1,171 | 1,456 | 509 | 370 | 195 | ||||||||||||||||
Add: Fixed charges | 68 | 81 | 102 | 80 | 25 | 18 | 6 | ||||||||||||||||
Distributions of earnings from equity method investees | 11 | 18 | 28 | 23 | 2 | 3 | 2 | ||||||||||||||||
Less: (Losses) earnings from equity method investees | 32 | (90 | ) | (294 | ) | 84 | 6 | 12 | 3 | ||||||||||||||
Pre-tax income before fixed charges | $ | 891 | $ | 1,315 | $ | 1,595 | $ | 1,475 | $ | 530 | $ | 379 | $ | 200 | |||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | $ | 45 | $ | 54 | $ | 69 | $ | 52 | $ | 13 | $ | 11 | $ | 1 | |||||||||
Interest expense on uncertain tax positions2 | 4 | 6 | 5 | 2 | — | — | — | ||||||||||||||||
Portion of rent representative of interest | 19 | 21 | 28 | 26 | 12 | 7 | 5 | ||||||||||||||||
Total fixed charges | $ | 68 | $ | 81 | $ | 102 | $ | 80 | $ | 25 | $ | 18 | $ | 6 | |||||||||
Ratio of earnings to fixed charges | 13.1x | 16.2x | 15.6x | 18.4x | 21.2x | 21.1x | 33.3x | ||||||||||||||||
1 | Includes redeemable and nonredeemable non-controlling interests. |
2 | Interest expense on uncertain tax positions, in accordance with ASC 740-10,Income Taxes (FIN No. 48:Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 109), has been recorded within income tax expense on the condensed consolidated statements of income. |