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)
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
($ in millions)
Three Months | ||||||||||||||||||||
Ended | ||||||||||||||||||||
February | Year Ended November | |||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Net earnings | $ | 2,479 | $ | 5,626 | $ | 4,553 | $ | 3,005 | $ | 2,114 | ||||||||||
Add: | ||||||||||||||||||||
Provision for taxes | 1,210 | 2,647 | 2,123 | 1,440 | 1,139 | |||||||||||||||
Portion of rents representative of an interest factor | 32 | 119 | 118 | 120 | 120 | |||||||||||||||
Interest expense on all indebtedness | 6,813 | 18,153 | 8,888 | 7,600 | 8,868 | |||||||||||||||
Pre-tax earnings, as adjusted | $ | 10,534 | $ | 26,545 | $ | 15,682 | $ | 12,165 | $ | 12,241 | ||||||||||
Fixed charges (1): | ||||||||||||||||||||
Portion of rents representative of an interest factor | 32 | 119 | 118 | 120 | 122 | |||||||||||||||
Interest expense on all indebtedness | 6,829 | 18,161 | 8,893 | 7,613 | 8,874 | |||||||||||||||
Fixed charges | $ | 6,861 | $ | 18,280 | $ | 9,011 | $ | 7,733 | $ | 8,996 | ||||||||||
Preferred stock dividend requirements | 39 | 25 | — | — | — | |||||||||||||||
Total combined fixed charges and preferred stock dividends | $ | 6,900 | $ | 18,305 | $ | 9,011 | $ | 7,733 | $ | 8,996 | ||||||||||
Ratio of earnings to fixed charges | 1.54x | 1.45x | 1.74x | 1.57x | 1.36x | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.53x | 1.45x | — | — | — | |||||||||||||||
(1) | Fixed charges include capitalized interest of $16 million, $8 million, $5 million, $13 million and $6 million as of February 24, 2006, November 25, 2005, November 26, 2004, November 28, 2003 and November 29, 2002, respectively. |