The Goldman Sachs Group, Inc. (GS) 10-Q 2007 Q3 Quarterly report

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)

	Nine Months
	Ended August			Year Ended November
	2007			2006			2005			2004			2003
Net earnings	$	8,384		$	9,537		$	5,626		$	4,553		$	3,005
Add:
Provision for taxes		4,165			5,023			2,647			2,123			1,440
Portion of rents representative of an interest factor		102			135			119			118			120
Interest expense on all indebtedness		31,188			31,688			18,153			8,888			7,600
Pre-tax earnings, as adjusted	$	43,839		$	46,383		$	26,545		$	15,682		$	12,165
Fixed charges (1):
Portion of rents representative of an interest factor		102			135			119			118			120
Interest expense on all indebtedness		31,238			31,755			18,161			8,893			7,613
Fixed charges	$	31,340		$	31,890		$	18,280		$	9,011		$	7,733
Preferred stock dividend requirements		214			212			25			—			—
Total combined fixed charges and preferred stock dividends	$	31,554		$	32,102		$	18,305		$	9,011		$	7,733
Ratio of earnings to fixed charges		1.40	x		1.45	x		1.45	x		1.74	x		1.57	x
Ratio of earnings to combined fixed charges and preferred stock dividends		1.39	x		1.44	x		1.45	x		—			—

⁽¹⁾ Fixed charges include capitalized interest of $50 million, $67 million, $8 million, $5 million and $13 million as of August 2007, November 2006, November 2005, November 2004 and November 2003, respectively.