Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(Dollar amounts in millions)
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Income before income taxes | $ | 1,655 | $ | 3,021 | $ | 1,272 | $ | 1,016 | $ | 1,820 | $ | 525 | ||||||||||||
Less: Net income (loss) attributable to non-controlling interests(1) | (1 | ) | (13 | ) | 22 | (155 | ) | 364 | 16 | |||||||||||||||
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Pre-tax income attributable to BlackRock, Inc. | 1,656 | 3,034 | 1,250 | 1,171 | 1,456 | 509 | ||||||||||||||||||
Add: Fixed charges | 105 | 209 | 104 | 102 | 80 | 25 | ||||||||||||||||||
Distributions of earnings from equity method investees | 21 | 14 | 18 | 28 | 23 | 2 | ||||||||||||||||||
Less: (Losses) earnings from equity method investees | 41 | 141 | 30 | (294 | ) | 84 | 6 | |||||||||||||||||
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Pre-tax income before fixed charges | $ | 1,741 | $ | 3,116 | $ | 1,342 | $ | 1,595 | $ | 1,475 | $ | 530 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 79 | $ | 150 | $ | 68 | $ | 69 | $ | 52 | $ | 13 | ||||||||||||
Interest expense on uncertain tax positions(2) | 1 | 8 | 8 | 5 | 2 | — | ||||||||||||||||||
Portion of rent representative of interest | 25 | 51 | 28 | 28 | 26 | 12 | ||||||||||||||||||
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Total fixed charges | $ | 105 | $ | 209 | $ | 104 | $ | 102 | $ | 80 | $ | 25 | ||||||||||||
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Ratio of earnings to fixed charges | 16.6x | 14.9x | 12.9x | 15.6x | 18.4x | 21.2x | ||||||||||||||||||
| (1) | Amount 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. |
