Exhibit 12
CREDIT SUISSE (USA), INC. AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(In millions, except for ratio)
For the Year Ended December 31, | |||||||||||||||||||
For the Six Months Ended June 30, 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) before provision (benefit) for income taxes(1) | $ | 2,761 | $ | 1,141 | $ | 1,826 | $ | 569 | $ | (481 | ) | $ | (464 | ) | |||||
Add: Fixed Charges | |||||||||||||||||||
Interest expense (gross) | 8,208 | 10,996 | 5,731 | 4,447 | 5,436 | 9,923 | |||||||||||||
Interest factor in rents | 86 | 168 | 161 | 159 | 167 | 187 | |||||||||||||
Total fixed charges from continuing operations | 8,294 | 11,164 | 5,892 | 4,606 | 5,603 | 10,110 | |||||||||||||
Subtract: Minority interests (2) | 1,576 | 959 | 642 | ― | ― | ― | |||||||||||||
Earnings before fixed charges and provision for income taxes | $ | 9,479 | $ | 11,346 | $ | 7,076 | $ | 5,175 | $ | 5,122 | $ | 9,646 | |||||||
Ratio of earnings to fixed charges | 1.14 | 1.02 | 1.20 | 1.12 | 0.91(3 | ) | 0.95(4 | ) |
(1) | Income (loss) from continuing operations before provision (benefit) for income taxes, minority interests, discontinued operations 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. |