BlackRock (BLK) 10-Q 2013 Q3 Quarterly report

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(in millions)

(unaudited)

	Nine Months Ended September  30, 2013		Year ended December 31,
			2012		2011		2010		2009		2008
Income before income taxes	$	2,816	$	3,470	$	3,135	$	3,021	$	1,272	$	1,016
Less: Net income (loss) attributable to noncontrolling interests(1)		10		(18)		2		(13)		22		(155)
Pre-tax income attributable to BlackRock, Inc.		2,806		3,488		3,133		3,034		1,250		1,171
Add: Fixed charges		192		261		236		209		104		102
Distributions of earnings from equity method investees		39		42		30		14		18		28
Less: (Losses) earnings from equity method investees		110		175		23		141		30		(294)
Pre-tax income before fixed charges	$	2,927	$	3,616	$	3,376	$	3,116	$	1,342	$	1,595
Fixed charges:
Interest expense	$	159	$	215	$	176	$	150	$	68	$	69
Interest expense on uncertain tax positions(2)		—		3		10		8		8		5
Portion of rent representative of interest(3)		33		43		50		51		28		28
Total fixed charges	$	192	$	261	$	236	$	209	$	104	$	102
Ratio of earnings to fixed charges		15.2x		13.9x		14.3x		14.9x		12.9x		15.6x

⁽¹⁾  Amounts include redeemable and nonredeemable noncontrolling 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.

⁽³⁾  The portion of rent representative of interest is calculated as one third of the total rent expense.

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