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)
Six Months | ||||||||||||||||||||
Ended May | Year Ended November | |||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Net earnings | $ | 5,530 | $ | 9,537 | $ | 5,626 | $ | 4,553 | $ | 3,005 | ||||||||||
Add: | ||||||||||||||||||||
Provision for taxes | 2,760 | 5,023 | 2,647 | 2,123 | 1,440 | |||||||||||||||
Portion of rents representative of an interest factor | 68 | 135 | 119 | 118 | 120 | |||||||||||||||
Interest expense on all indebtedness | 19,719 | 31,688 | 18,153 | 8,888 | 7,600 | |||||||||||||||
Pre-tax earnings, as adjusted | $ | 28,077 | $ | 46,383 | $ | 26,545 | $ | 15,682 | $ | 12,165 | ||||||||||
Fixed charges (1): | ||||||||||||||||||||
Portion of rents representative of an interest factor | 68 | 135 | 119 | 118 | 120 | |||||||||||||||
Interest expense on all indebtedness | 19,751 | 31,755 | 18,161 | 8,893 | 7,613 | |||||||||||||||
Fixed charges | $ | 19,819 | $ | 31,890 | $ | 18,280 | $ | 9,011 | $ | 7,733 | ||||||||||
Preferred stock dividend requirements | 142 | 212 | 25 | — | — | |||||||||||||||
Total combined fixed charges and preferred stock dividends | $ | 19,961 | $ | 32,102 | $ | 18,305 | $ | 9,011 | $ | 7,733 | ||||||||||
Ratio of earnings to fixed charges | 1.42 | x | 1.45 | x | 1.45 | x | 1.74 | x | 1.57 | x | ||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.41 | x | 1.44 | x | 1.45 | x | — | — | ||||||||||||
(1) | Fixed charges include capitalized interest of $32 million, $67 million, $8 million, $5 million and $13 million as of May 2007, November 2006, November 2005, November 2004 and November 2003, respectively. |