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 | |||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Net earnings | $ | 1,511 | $ | 11,599 | $ | 9,537 | $ | 5,626 | $ | 4,553 | ||||||||||
Add: | ||||||||||||||||||||
Provision for taxes | 632 | 6,005 | 5,023 | 2,647 | 2,123 | |||||||||||||||
Portion of rents representative of an interest factor | 36 | 137 | 135 | 119 | 118 | |||||||||||||||
Interest expense on all indebtedness | 10,294 | 41,981 | 31,688 | 18,153 | 8,888 | |||||||||||||||
Pre-tax earnings, as adjusted | $ | 12,473 | $ | 59,722 | $ | 46,383 | $ | 26,545 | $ | 15,682 | ||||||||||
Fixed charges (1): | ||||||||||||||||||||
Portion of rents representative of an interest factor | $ | 36 | $ | 137 | $ | 135 | $ | 119 | $ | 118 | ||||||||||
Interest expense on all indebtedness | 10,314 | 42,051 | 31,755 | 18,161 | 8,893 | |||||||||||||||
Fixed charges | $ | 10,350 | $ | 42,188 | $ | 31,890 | $ | 18,280 | $ | 9,011 | ||||||||||
Preferred stock dividend requirements | 63 | 291 | 212 | 25 | — | |||||||||||||||
Total combined fixed charges and preferred stock dividends | $ | 10,413 | $ | 42,479 | $ | 32,102 | $ | 18,305 | $ | 9,011 | ||||||||||
Ratio of earnings to fixed charges | 1.21 | x | 1.42 | x | 1.45 | x | 1.45 | x | 1.74 | x | ||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.20 | x | 1.41 | x | 1.44 | x | 1.45 | x | — | |||||||||||
(1) | Fixed charges include capitalized interest of $20 million, $70 million, $67 million, $8 million and $5 million as of February 2008, November 2007, November 2006, November 2005 and November 2004, respectively. |