EXHIBIT 12.01
LEHMAN BROTHERS HOLDINGS INC.
Computation of Ratios of Earnings to Fixed Charges and
to Combined Fixed Charges and Preferred Stock Dividends
(Unaudited)
|
| Nine Months Ended |
| Year Ended November 30, |
| |||||||||||
Dollars in millions |
| August 31, 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||
Pre-tax earnings from continuing operations |
| $ | 4,783 |
| $ | 5,905 |
| $ | 4,829 |
| $ | 3,518 |
| $ | 2,536 |
|
Add: Fixed charges |
|
|
|
|
|
|
|
|
|
|
| |||||
(excluding capitalized interest) |
| 29,326 |
| 29,323 |
| 18,040 |
| 9,773 |
| 8,724 |
| |||||
Pre-tax earnings before fixed charges |
| $ | 34,109 |
| $ | 35,228 |
| $ | 22,869 |
| $ | 13,291 |
| $ | 11,260 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest |
| $ | 29,246 |
| $ | 29,126 |
| $ | 17,790 |
| $ | 9,674 |
| $ | 8,640 |
|
Other (1) |
| 93 |
| 108 |
| 125 |
| 114 |
| 119 |
| |||||
Total fixed charges |
| $ | 29,339 |
| $ | 29,234 |
| $ | 17,915 |
| $ | 9,788 |
| $ | 8,759 |
|
Preferred stock dividend requirement |
| 73 |
| 98 |
| 101 |
| 129 |
| 143 |
| |||||
Total combined fixed charges and preferred stock dividends |
| $ | 29,412 |
| $ | 29,332 |
| $ | 18,016 |
| $ | 9,917 |
| $ | 8,902 |
|
Ratio of earnings to fixed charges |
| 1.16 |
| 1.21 |
| 1.28 |
| 1.36 |
| 1.29 |
| |||||
Ratio of earnings to combined fixed charges and preferred stock dividends |
| 1.16 |
| 1.20 |
| 1.27 |
| 1.34 |
| 1.26 |
|
(1) Other fixed charges consist of the interest factor in rentals and capitalized interest.
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