The Goldman Sachs Group, Inc. (GS) 10-K2006 FY Annual report

Filed: 6 Feb 07, 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
	2006			2005			2004			2003			2002
Net earnings	$	9,537		$	5,626		$	4,553		$	3,005		$	2,114
Add:
Provision for taxes		5,023			2,647			2,123			1,440			1,139
Portion of rents representative of an interest factor		135			119			118			120			120
Interest expense on all indebtedness		31,688			18,153			8,888			7,600			8,868


Pre-tax earnings, as adjusted	$	46,383		$	26,545		$	15,682		$	12,165		$	12,241


Fixed charges⁽¹⁾:
Portion of rents representative of an interest factor	$	135		$	119		$	118		$	120		$	122
Interest expense on all indebtedness		31,755			18,161			8,893			7,613			8,874


Fixed charges	$	31,890		$	18,280		$	9,011		$	7,733		$	8,996


Preferred stock dividend requirements		212			25			—			—			—

Total combined fixed charges and preferred stock dividends	$	32,102		$	18,305		$	9,011		$	7,733		$	8,996


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


Ratio of earnings to combined fixed charges and preferred stock dividends		1.44	x		1.45	x		—			—			—


⁽¹⁾		Fixed charges include capitalized interest of $67 million, $8 million, $5 million, $13 million and $6 million as of November 2006, November 2005, November 2004, November 2003 and November 2002, respectively.