Exhibit 12.1
THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ in millions)
Three Months | Six Months | ||||||||||||||||
Ended May | Ended May | ||||||||||||||||
2003 | 2002 | 2003 | 2002 | ||||||||||||||
Net earnings | |||||||||||||||||
$ | 695 | $ | 563 | $ | 1,357 | $ | 1,087 | ||||||||||
Add: | |||||||||||||||||
Provision for taxes | 343 | 338 | 699 | 653 | |||||||||||||
Portion of rents representative of an interest factor | 30 | 29 | 60 | 59 | |||||||||||||
Interest expense on all indebtedness | 2,000 | 2,383 | 3,907 | 4,485 | |||||||||||||
Earnings, as adjusted | $ | 3,068 | $ | 3,313 | $ | 6,023 | $ | 6,284 | |||||||||
Fixed charges (1): | |||||||||||||||||
Portion of rents representative of an interest factor | $ | 30 | $ | 29 | $ | 60 | $ | 59 | |||||||||
Interest expense on all indebtedness | 2,003 | 2,383 | 3,913 | 4,485 | |||||||||||||
Fixed charges | $ | 2,033 | $ | 2,412 | $ | 3,973 | $ | 4,544 | |||||||||
Ratio of earnings to fixed charges | 1.51 | x | 1.37 | x | 1.52 | x | 1.38 | x | |||||||||
(1) | Fixed charges include capitalized interest and the interest factor of capitalized rent. |