EXHIBIT 12.1
THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
($ in millions)
Nine Months | |||||||||||||||||||||||||
Ended August | Year Ended November | ||||||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||
Net earnings | $ | 3,994 | $ | 4,553 | $ | 3,005 | $ | 2,114 | $ | 2,310 | $ | 3,067 | |||||||||||||
Add: | |||||||||||||||||||||||||
Provision for taxes | 1,800 | 2,123 | 1,440 | 1,139 | 1,386 | 1,953 | |||||||||||||||||||
Portion of rents representative of an interest factor | 88 | 118 | 120 | 120 | 111 | 80 | |||||||||||||||||||
Interest expense on all indebtedness | 12,411 | 8,888 | 7,600 | 8,868 | 15,327 | 16,410 | |||||||||||||||||||
Pre-tax earnings, as adjusted | $ | 18,293 | $ | 15,682 | $ | 12,165 | $ | 12,241 | $ | 19,134 | $ | 21,510 | |||||||||||||
Fixed charges (1): | |||||||||||||||||||||||||
Portion of rents representative of an interest factor | 88 | 118 | 120 | 122 | 111 | 80 | |||||||||||||||||||
Interest expense on all indebtedness | 12,411 | 8,893 | 7,613 | 8,874 | 15,327 | 16,410 | |||||||||||||||||||
Fixed charges | $ | 12,499 | $ | 9,011 | $ | 7,733 | $ | 8,996 | $ | 15,438 | $ | 16,490 | |||||||||||||
Preferred stock dividend requirements | 13 | — | — | — | — | — | |||||||||||||||||||
Total combined fixed charges and preferred stock dividends | $ | 12,512 | $ | 9,011 | $ | 7,733 | $ | 8,996 | $ | 15,438 | $ | 16,490 | |||||||||||||
Ratio of earnings to fixed charges | 1.46 | x | 1.74 | x | 1.57 | x | 1.36 | x | 1.24 | x | 1.30 | x | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.46 | x | — | — | — | — | — | ||||||||||||||||||
(1) | Fixed charges include capitalized interest. |