The Goldman Sachs Group, Inc. (GS) 10-K2005 FY Annual report

Filed: 7 Feb 06, 12:00am

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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
($ in millions)


	Year Ended November
	2005			2004			2003			2002			2001
Net earnings	$	5,626		$	4,553		$	3,005		$	2,114		$	2,310
Add:
Provision for taxes		2,647			2,123			1,440			1,139			1,386
Portion of rents representative of an interest factor		119			118			120			120			111
Interest expense on all indebtedness		18,153			8,888			7,600			8,868			15,327

Pre-tax earnings, as adjusted	$	26,545		$	15,682		$	12,165		$	12,241		$	19,134

Fixed charges⁽¹⁾:
Portion of rents representative of an
interest factor	$	119		$	118		$	120		$	122		$	111
Interest expense on all indebtedness		18,161			8,893			7,613			8,874			15,327

Fixed charges	$	18,280		$	9,011		$	7,733		$	8,996		$	15,438

Preferred stock dividend requirements		25			—			—			—			—
Total combined fixed charges and preferred stock dividends	$	18,305		$	9,011		$	7,733		$	8,996		$	15,438

Ratio of earnings to fixed charges		1.45	x		1.74	x		1.57	x		1.36	x		1.24	x

Ratio of earnings to combined fixed charges and preferred stock dividends		1.45	x		—			—			—			—


⁽¹⁾		Fixed charges include capitalized interest of $8 million, $5 million, $13 million and $6 million as of November 2005, November 2004, November 2003 and November 2002, respectively.