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 | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Net earnings | $ | 865 | $ | 1,187 | $ | 2,377 | $ | 2,480 | ||||||||
Add: | ||||||||||||||||
Provision for taxes | 379 | 553 | 1,012 | 1,189 | ||||||||||||
Portion of rents representative of an interest factor | 29 | 29 | 57 | 60 | ||||||||||||
Interest expense on all indebtedness | 4,022 | 2,038 | 7,471 | 3,911 | ||||||||||||
Earnings, as adjusted | $ | 5,295 | $ | 3,807 | $ | 10,917 | $ | 7,640 | ||||||||
Fixed charges(1): | ||||||||||||||||
Portion of rents representative of an interest factor | $ | 29 | $ | 29 | $ | 57 | $ | 60 | ||||||||
Interest expense on all indebtedness | 4,022 | 2,040 | 7,471 | 3,917 | ||||||||||||
Fixed charges | $ | 4,051 | $ | 2,069 | $ | 7,528 | $ | 3,977 | ||||||||
Ratio of earnings to fixed charges | 1.31 | x | 1.84 | x | 1.45 | x | 1.92 | x | ||||||||
(1) | Fixed charges include capitalized interest. |