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 Twelve Months Ended November 30 | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Nine Months Ended August 31 2003 | ||||||||||||||||||
| 1998 | 1999 | 2000 | 2001 | 2002 | ||||||||||||||
Pre-tax earnings from continuing operations | $ | 1,052 | $ | 1,631 | $ | 2,579 | $ | 1,748 | $ | 1,399 | $ | 1,814 | |||||||
Add: Fixed charges (excluding capitalized interest) | 15,813 | 13,681 | 18,778 | 15,724 | 10,709 | 6,746 | |||||||||||||
Pre-tax earnings before fixed charges | 16,865 | 15,312 | 21,357 | 17,472 | 12,108 | 8,560 | |||||||||||||
Fixed charges: | |||||||||||||||||||
Interest | 15,781 | 13,649 | 18,740 | 15,656 | 10,626 | 6,684 | |||||||||||||
Other(a) | 47 | 71 | 57 | 78 | 103 | 86 | |||||||||||||
Total fixed charges | 15,828 | 13,720 | 18,797 | 15,734 | 10,729 | 6,770 | |||||||||||||
Preferred stock dividend requirements | 124 | 174 | 195 | 192 | 155 | 99 | |||||||||||||
Total combined fixed charges and preferred stock dividends | $ | 15,952 | $ | 13,894 | $ | 18,992 | $ | 15,926 | $ | 10,884 | $ | 6,869 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.07 | 1.12 | 1.14 | 1.11 | 1.13 | 1.26 | |||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | 1.06 | 1.10 | 1.12 | 1.10 | 1.11 | 1.25 |
- (a)
- Other fixed charges consist of the interest factor in rentals and capitalized interest.