Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
(unaudited)
| Three Months Ended | Year ended December 31, | |||||||||||||||||||||||
March 31, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Income before income taxes | $ | 950 | $ | 3,470 | $ | 3,135 | $ | 3,021 | $ | 1,272 | $ | 1,016 | ||||||||||||
Less: Net income (loss) attributable to non-controlling interests(1) | 34 | (18) | 2 | (13) | 22 | (155) | ||||||||||||||||||
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Pre-tax income attributable to BlackRock, Inc. | 916 | 3,488 | 3,133 | 3,034 | 1,250 | 1,171 | ||||||||||||||||||
Add: Fixed charges | 68 | 261 | 236 | 209 | 104 | 102 | ||||||||||||||||||
Distributions of earnings from equity method investees | 17 | 42 | 30 | 14 | 18 | 28 | ||||||||||||||||||
Less: (Losses) earnings from equity method investees | 50 | 175 | 23 | 141 | 30 | (294) | ||||||||||||||||||
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Pre-tax income before fixed charges | $ | 951 | $ | 3,616 | $ | 3,376 | $ | 3,116 | $ | 1,342 | $ | 1,595 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 54 | $ | 215 | $ | 176 | $ | 150 | $ | 68 | $ | 69 | ||||||||||||
Interest expense on uncertain tax positions(2) | 3 | 3 | 10 | 8 | 8 | 5 | ||||||||||||||||||
Portion of rent representative of interest | 11 | 43 | 50 | 51 | 28 | 28 | ||||||||||||||||||
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Total fixed charges | $ | 68 | $ | 261 | $ | 236 | $ | 209 | $ | 104 | $ | 102 | ||||||||||||
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Ratio of earnings to fixed charges | 14.0x | 13.9x | 14.3x | 14.9x | 12.9x | 15.6x | ||||||||||||||||||
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| (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 consolidated statements of income. |