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LEHMAN BROTHERS HOLDINGS INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
(Unaudited)
| | | | | | | For the Three Months Ended Feb. 29 2004 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | For the Twelve Months Ended November 30 | ||||||||||||||||||
| | 1999 | 2000 | 2001 | 2002 | 2003 | ||||||||||||||
| Pre-tax earnings from continuing operations | $ | 1,631 | $ | 2,579 | $ | 1,748 | $ | 1,399 | $ | 2,536 | $ | 1,032 | |||||||
Add: Fixed charges (excluding capitalized interest) | 13,681 | 18,778 | 15,724 | 10,709 | 8,724 | 2,019 | |||||||||||||
Pre-tax earnings before fixed charges | 15,312 | 21,357 | 17,472 | 12,108 | 11,260 | 3,051 | |||||||||||||
Fixed charges: | |||||||||||||||||||
| Interest | 13,649 | 18,740 | 15,656 | 10,626 | 8,640 | 1,981 | |||||||||||||
| Other(a) | 71 | 57 | 78 | 103 | 119 | 27 | |||||||||||||
| Total fixed charges | 13,720 | 18,797 | 15,734 | 10,729 | 8,759 | 2,008 | |||||||||||||
Preferred stock dividend requirements | 174 | 195 | 192 | 155 | 143 | 49 | |||||||||||||
Total combined fixed charges and preferred stock dividends | $ | 13,894 | $ | 18,992 | $ | 15,926 | $ | 10,884 | $ | 8,902 | $ | 2,057 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.12 | 1.14 | 1.11 | 1.13 | 1.29 | 1.52 | |||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | 1.10 | 1.12 | 1.10 | 1.11 | 1.26 | 1.48 | |||||||||||||
- (a)
- Other fixed charges consist of the interest factor in rentals and capitalized interest.