EXHIBIT 12.1
THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ in millions)
Three Months | Nine Months | |||||||||||||||
Ended August | Ended August | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
Net earnings | ||||||||||||||||
$ | 879 | $ | 677 | $ | 3,359 | $ | 2,034 | |||||||||
Add: | ||||||||||||||||
Provision for taxes | 414 | 303 | 1,603 | 1,002 | ||||||||||||
Portion of rents representative of an interest factor | 29 | 30 | 89 | 90 | ||||||||||||
Interest expense on all indebtedness | 2,156 | 1,922 | 6,067 | 5,829 | ||||||||||||
Earnings, as adjusted | $ | 3,478 | $ | 2,932 | $ | 11,118 | $ | 8,955 | ||||||||
Fixed charges(1): | ||||||||||||||||
Portion of rents representative of an interest factor | $ | 29 | $ | 30 | $ | 89 | $ | 90 | ||||||||
Interest expense on all indebtedness | 2,156 | 1,926 | 6,073 | 5,839 | ||||||||||||
Fixed charges | $ | 2,185 | $ | 1,956 | $ | 6,162 | $ | 5,929 | ||||||||
Ratio of earnings to fixed charges | 1.59 | x | 1.50 | x | 1.80 | x | 1.51 | x | ||||||||
(1) | Fixed charges include capitalized interest. |