BlackRock (BLK) 10-Q 2012 Q3 Quarterly report

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

(Dollar amounts in millions)

	Nine Months Ended
	September 30,		Year Ended December 31,
	2012		2011		2010			2009		2008			2007
Income before income taxes	$	2,532	$	3,135	$	3,021		$	1,272	$	1,016		$	1,820
Less: Net income (loss) attributable to non-controlling interests(1)		22		2		(13	)		22		(155	)		364
Pre-tax income attributable to BlackRock, Inc.		2,510		3,133		3,034			1,250		1,171			1,456
Add: Fixed charges		190		236		209			104		102			80
Distributions of earnings from equity method investees		29		30		14			18		28			23
Less: (Losses) earnings from equity method investees		124		23		141			30		(294	)		84
Pre-tax income before fixed charges	$	2,605	$	3,376	$	3,116		$	1,342	$	1,595		$	1,475
Fixed charges:
Interest expense	$	158	$	176	$	150		$	68	$	69		$	52
Interest expense on uncertain tax positions(2)		—		10		8			8		5			2
Portion of rent representative of interest		32		50		51			28		28			26
Total fixed charges	$	190	$	236	$	209		$	104	$	102		$	80
Ratio of earnings to fixed charges		13.7x		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.