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EXHIBIT 12.01
LEHMAN BROTHERS HOLDINGS INC. and SUBSIDIARIES
COMPUTATION of RATIOS of EARNINGS to FIXED CHARGES and
to COMBINED FIXED CHARGES and PREFERRED STOCK DIVIDENDS
(Dollars in millions)
(Unaudited)
| | | | | | For the Six Months Ended May 31 2003 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Twelve Months Ended November 30 | ||||||||||||||||||
| 1998 | 1999 | 2000 | 2001 | 2002 | ||||||||||||||
Pre-tax earnings from continuing operations | $ | 1,052 | $ | 1,631 | $ | 2,579 | $ | 1,748 | $ | 1,399 | $ | 1,065 | |||||||
Add: Fixed charges (excluding capitalized interest) | 15,813 | 13,681 | 18,778 | 15,724 | 10,709 | 4,610 | |||||||||||||
Pre-tax earnings before fixed charges | 16,865 | 15,312 | 21,357 | 17,472 | 12,108 | 5,675 | |||||||||||||
Fixed charges: | |||||||||||||||||||
Interest | 15,781 | 13,649 | 18,740 | 15,656 | 10,626 | 4,568 | |||||||||||||
Other(a) | 47 | 71 | 57 | 78 | 103 | 56 | |||||||||||||
Total fixed charges | 15,828 | 13,720 | 18,797 | 15,734 | 10,729 | 4,624 | |||||||||||||
Preferred stock dividend requirements | 124 | 174 | 195 | 192 | 155 | 64 | |||||||||||||
Total combined fixed charges and preferred stock dividends | $ | 15,952 | $ | 13,894 | $ | 18,992 | $ | 15,926 | $ | 10,884 | $ | 4,688 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.07 | 1.12 | 1.14 | 1.11 | 1.13 | 1.23 | |||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | 1.06 | 1.10 | 1.12 | 1.10 | 1.11 | 1.21 |
- (a)
- Other fixed charges consist of the interest factor in rentals and capitalized interest.
LEHMAN BROTHERS HOLDINGS INC. and SUBSIDIARIES COMPUTATION of RATIOS of EARNINGS to FIXED CHARGES and to COMBINED FIXED CHARGES and PREFERRED STOCK DIVIDENDS (Dollars in millions) (Unaudited)