Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(Dollar amounts in millions)
Six Months Ended June 30, 2012 | Year Ended December 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Income before income taxes | $ | 1,627 | $ | 3,135 | $ | 3,021 | $ | 1,272 | $ | 1,016 | $ | 1,820 | ||||||||||||
Less: Net income (loss) attributable to non-controlling interests(1) | 9 | 2 | (13 | ) | 22 | (155 | ) | 364 | ||||||||||||||||
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Pre-tax income attributable to BlackRock, Inc. | 1,618 | 3,133 | 3,034 | 1,250 | 1,171 | 1,456 | ||||||||||||||||||
Add: Fixed charges | 122 | 236 | 209 | 104 | 102 | 80 | ||||||||||||||||||
Distributions of earnings from equity method investees | 18 | 30 | 14 | 18 | 28 | 23 | ||||||||||||||||||
Less: (Losses) earnings from equity method investees | 59 | 23 | 141 | 30 | (294 | ) | 84 | |||||||||||||||||
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Pre-tax income before fixed charges | $ | 1,699 | $ | 3,376 | $ | 3,116 | $ | 1,342 | $ | 1,595 | $ | 1,475 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 101 | $ | 176 | $ | 150 | $ | 68 | $ | 69 | $ | 52 | ||||||||||||
Interest expense on uncertain tax positions(2) | — | 10 | 8 | 8 | 5 | 2 | ||||||||||||||||||
Portion of rent representative of interest | 21 | 50 | 51 | 28 | 28 | 26 | ||||||||||||||||||
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Total fixed charges | $ | 122 | $ | 236 | $ | 209 | $ | 104 | $ | 102 | $ | 80 | ||||||||||||
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Ratio of earnings to fixed charges | 13.9x | 14.3x | 14.9x | 12.9x | 15.6x | 18.4x |
(1) | Amounts include 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. |