BlackRock (BLK) 10-Q 2015 Q2 Quarterly report

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(in millions)	Six Months Ended June 30, 2015		Year ended December 31,
			2014			2013		2012			2011		2010
Income before income taxes	$	2,280	$	4,395		$	3,973	$	3,470		$	3,135	$	3,021
Less: Net income (loss) attributable to noncontrolling interests(1)		10		(30	)		19		(18	)		2		(13	)
Pre-tax income attributable to BlackRock, Inc.		2,270		4,425			3,954		3,488			3,133		3,034
Add: Fixed charges		132		254			258		261			236		209
Distributions of earnings from equity method investees		25		57			80		42			30		14
Less: (Losses) earnings from equity method investees		51		158			158		175			23		141
Pre-tax income before fixed charges	$	2,376	$	4,578		$	4,134	$	3,616		$	3,376	$	3,116
Fixed charges:
Interest expense	$	103	$	232		$	211	$	215		$	176	$	150
Interest expense on uncertain tax positions(2)		6		(22	)		3		3			10		8
Portion of rent representative of interest(3)		23		44			44		43			50		51
Total fixed charges	$	132	$	254		$	258	$	261		$	236	$	209
Ratio of earnings to fixed charges		18.0x		18.0x			16.0x		13.9x			14.3x		14.9x

⁽¹⁾  Amount includes redeemable and nonredeemable noncontrolling interests.

⁽²⁾  Interest expense on uncertain tax positions 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.