Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(Dollar amounts in millions)
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Income before income taxes | $ | 2,063 | $ | 1,272 | $ | 1,016 | $ | 1,820 | $ | 525 | $ | 373 | ||||||||||||
Less: Net income (loss) attributable to non-controlling | (5 | ) | 22 | (155 | ) | 364 | 16 | 3 | ||||||||||||||||
Pre-tax income attributable to BlackRock, Inc. | 2,068 | 1,250 | 1,171 | 1,456 | 509 | 370 | ||||||||||||||||||
Add: Fixed charges | 158 | 104 | 102 | 80 | 25 | 18 | ||||||||||||||||||
Distributions of earnings from equity method investees | 11 | 18 | 28 | 23 | 2 | 3 | ||||||||||||||||||
Less: (Losses) earnings from equity method investees | 104 | 30 | (294 | ) | 84 | 6 | 12 | |||||||||||||||||
Pre-tax income before fixed charges | $ | 2,133 | $ | 1,342 | $ | 1,595 | $ | 1,475 | $ | 530 | $ | 379 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 115 | $ | 68 | $ | 69 | $ | 52 | $ | 13 | $ | 11 | ||||||||||||
Interest expense on uncertain tax positions(2) | 5 | 8 | 5 | 2 | — | — | ||||||||||||||||||
Portion of rent representative of interest | 38 | 28 | 28 | 26 | 12 | 7 | ||||||||||||||||||
Total fixed charges | $ | 158 | $ | 104 | $ | 102 | $ | 80 | $ | 25 | $ | 18 | ||||||||||||
Ratio of earnings to fixed charges | 13.5x | 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. |