Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(Dollar amounts in millions)
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||
2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||
Income before income taxes | $ | 656 | $ | 92 | $ | 1,272 | $ | 1,016 | $ | 1,820 | $ | 525 | $ | 376 | |||||||||
Less: Net income (loss) attributable to non-controlling interests(1) | 5 | (22 | ) | 22 | (155 | ) | 364 | 16 | 3 | ||||||||||||||
Pre-tax income attributable to BlackRock, Inc. | 651 | 114 | 1,250 | 1,171 | 1,456 | 509 | 370 | ||||||||||||||||
Add: Fixed charges | 55 | 22 | 104 | 102 | 80 | 25 | 18 | ||||||||||||||||
Distributions of earnings from equity method investees | 4 | 4 | 18 | 28 | 23 | 2 | 3 | ||||||||||||||||
Less: (Losses) earnings from equity method investees | 35 | (114 | ) | 30 | (294 | ) | 84 | 6 | 12 | ||||||||||||||
Pre-tax income before fixed charges | $ | 675 | $ | 254 | $ | 1,342 | $ | 1,595 | $ | 1,475 | $ | 530 | $ | 379 | |||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | $ | 40 | $ | 15 | $ | 68 | $ | 69 | $ | 52 | $ | 13 | $ | 11 | |||||||||
Interest expense on uncertain tax positions(2) | 3 | 1 | 8 | 5 | 2 | — | — | ||||||||||||||||
Portion of rent representative of interest | 12 | 6 | 28 | 28 | 26 | 12 | 7 | ||||||||||||||||
Total fixed charges | $ | 55 | $ | 22 | $ | 104 | $ | 102 | $ | 80 | $ | 25 | $ | 18 | |||||||||
Ratio of earnings to fixed charges | 12.3x | 11.5x | 12.9x | 15.6x | 18.4x | 21.2x | 21.1x | ||||||||||||||||
1 | Includes redeemable and nonredeemable non-controlling interests. |
2 | Interest expense on uncertain tax positions, in accordance with ASC 740-10,Income Taxes, has been recorded within income tax expense on the condensed consolidated statements of income. |