Exhibit 12
CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(In millions, except for ratio)
|
| For the |
| For the Year Ended |
| ||||||||||||||||
|
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| ||||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income (loss) before provision for income taxes(1) |
|
| $ | 391 |
|
| $ | 1,826 |
| $ | 569 |
| $ | (481 | ) | $ | (464 | ) | $ | (1,786 | ) |
Add: Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense (gross) |
|
| 2,147 |
|
| 5,731 |
| 4,447 |
| 5,436 |
| 9,923 |
| 6,823 |
| ||||||
Interest factor in rents |
|
| 40 |
|
| 161 |
| 159 |
| 167 |
| 187 |
| 104 |
| ||||||
Total fixed charges from continuing operations |
|
| 2,187 |
|
| 5,892 |
| 4,606 |
| 5,603 |
| 10,110 |
| 6,927 |
| ||||||
Subtract: Minority interests(2) |
|
| 155 |
|
| 642 |
| — |
| — |
| — |
| — |
| ||||||
Earnings before fixed charges and provision for income taxes |
|
| $ | 2,423 |
|
| $ | 7,076 |
| $ | 5,175 |
| $ | 5,122 |
| $ | 9,646 |
| $ | 5,141 |
|
Ratio of earnings to fixed charges |
|
| 1.11 |
|
| 1.20 |
| 1.12 |
| 0.91 | (3) | 0.95 | (4) | 0.74 | (5) |
(1) Income (loss) from continuing operations before provision (benefit) for income taxes, minority interests, discontinued operations, extraordinary items and cumulative effect of change in accounting principle.
(2) Related to the Company’s consolidation of certain private equity funds.
(3) The dollar amount of the deficiency in the ratio of earnings to fixed charges was $481 million for the year ended December 31, 2002.
(4) The dollar amount of the deficiency in the ratio of earnings to fixed charges was $464 million for the year ended December 31, 2001.
(5) The dollar amount of the deficiency in the ratio of earnings to fixed charges was $1.8 billion for the year ended December 31, 2000.